-----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, MUDWcogS0EnF+/w6lXM5HK8c5STi+VIYi4C2Gn+rzif7YlInwEcLkJGQkAC/KE7t vDas2kOykPZXCAsHO161nw== 0000899243-01-500893.txt : 20010702 0000899243-01-500893.hdr.sgml : 20010702 ACCESSION NUMBER: 0000899243-01-500893 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COOPER CAMERON CORP CENTRAL INDEX KEY: 0000941548 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 760451843 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-13884 FILM NUMBER: 1672455 BUSINESS ADDRESS: STREET 1: 515 POST OAK BLVD STREET 2: STE 1200 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7135133322 MAIL ADDRESS: STREET 1: 515 POST OAK BOULEVARD CITY: HOUSTON STATE: TX ZIP: 77027 11-K 1 d11k.txt FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT [x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2000 OR [_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-13884 A. Full title of the Plan and the address of the Plan, if different from that of the issuer named below: INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION BUFFALO, NEW YORK PLANT B. Name of issuer of the securities held pursuant to the Plan and the address of the principal executive office: COOPER CAMERON CORPORATION 515 Post Oak Boulevard, Suite 1200 Houston, Texas 77027 INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION BUFFALO, NEW YORK PLANT Page Report of Independent Public Accountants 1 Audited Financial Statements Statements of Net Assets Available for Benefits 2 Statement of Changes in Net Assets Available for Benefits 4 Notes to Financial Statements 5 Signature 15 Consent of Independent Public Accountants 16 Report of Independent Auditors Participants and Administrator Cooper Cameron Corporation Selected Individual Account Retirement Plans We have audited the accompanying statements of net assets available for benefits of the Cooper Cameron Corporation Selected Individual Account Retirement Plans, (the "Plans") listed on pages 2 and 3, as of December 31, 2000 and 1999, and the related statements of changes in net assets available for benefits for the year ended December 31, 2000. These financial statements are the responsibility of the Plans' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of each of the Plans at December 31, 2000 and 1999, and the changes in their net assets available for benefits for the year ended December 31, 2000, in conformity with accounting principles generally accepted in the United States. June 12, 2001 1 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits December 31, 2000
PLAN INTEREST IN COOPER CAMERON CORPORATION MASTER TRUST EMPLOYER FOR DEFINED NET ASSETS CONTRIBUTION CONTRIBUTION AVAILABLE FOR PLAN NO. PLAN NAME RECEIVABLE PLANS BENEFITS - ------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $39,104 $9,608,715 $9,647,819 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 2,077 6,611,339 6,613,416 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 12,250 6,541,839 6,554,089 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 13,946 3,734,968 3,748,914
See accompanying notes. 2 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits (continued) December 31, 1999
PLAN INTEREST IN COOPER CAMERON CORPORATION MASTER TRUST EMPLOYER FOR DEFINED NET ASSETS CONTRIBUTIONS CONTRIBUTION AVAILABLE FOR PLAN NO. PLAN NAME RECEIVABLE PLANS BENEFITS - ---------------------------------------------------------------------------------------------------------- 005 Individual Account $29,021 $10,170,476 $10,199,497 Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant 006 Individual Account 41,487 15,752,714 15,794,201 Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 008 Individual Account 22,569 7,264,513 7,287,082 Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 010 Individual Account 17,645 4,011,845 4,029,490 Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant
See accompanying notes. 3 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Changes in Net Assets Available for Benefits Year ended December 31, 2000
NET INVESTMENT GAIN (LOSS) FROM COOPER CAMERON NET ASSETS CORPORATION MASTER AVAILABLE FOR TRUST FOR DEFINED PLAN BENEFITS AT EMPLOYER EMPLOYEE BENEFIT CONTRIBUTION PLANS NO. PLAN NAME JANUARY 1, 2000 CONTRIBUTIONS CONTRIBUTIONS PAYMENTS (NET OF EXPENSES) - ------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $10,199,497 $288,963 $444,694 $ (819,959) $(465,376) 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City 15,794,201 115,818 113,901 (10,194,709) 784,187 Facility 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount 7,287,082 19,134 142,205 (1,171,573) 279,034 Vernon Plant 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 4,029,490 166,519 163,925 (869,282) 258,280
NET ASSETS OTHER AVAILABLE FOR PLAN CHANGES IN BENEFITS AT NO. PLAN NAME NET ASSETS DECEMBER 31, 2000 - ------------------------------------------------------------------------------- 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ - $9,647,819 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City 18 6,613,416 Facility 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount (1,793) 6,554,089 Vernon Plant 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant (18) 3,748,914
See accompanying notes. 4 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements December 31, 2000 1. DESCRIPTION OF THE PLANS The Cooper Cameron Corporation Selected Individual Account Retirement Plans (the "Plans"), as listed on page 2, are profit sharing plans which provide payments to eligible employees of Cooper Cameron Corporation (the "Company") at termination, retirement, death, or disability. The Plans are subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The Company contributes to each participant's account monthly based on hours actively worked and specific contribution rates. This contribution is also paid for each hour of overtime, vacation, or holiday, but excludes sick time for which the employee may be paid. Company contributions are made to the fund option that the employee elects. Vesting in employer contributions is on a graduated scale with 100% at five years. Amounts which are forfeited due to a participant's termination of employment prior to vesting in employer contributions made on the participant's behalf are used to reduce the required Company contribution in subsequent periods. All Plans allow for employee contributions based on hours actively worked and elected contribution rates. Electing to contribute is completely voluntary, and these contributions are immediately 100% vested. Participants may elect to have their contributions allocated in 1% increments to one or more of the investment accounts within the Master Trust. Allocations among the investment accounts may be changed at the participant's discretion on a daily basis. The Company has closed the Cooper Cameron Corporation Grove City Facility. As a result, participants terminating employment at this facility subsequent to January 1, 1999 are fully vested in their account balances in the Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility. More detailed information about the Plans, the funding, vesting, and benefit provisions is contained in each plan's Summary Plan Description. Copies of these pamphlets are available at the Company's corporate office. 5 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SIGNIFICANT ACCOUNTING PRINCIPLES ACCOUNTING PRINCIPLES The accompanying financial statements of the Plans have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates that affect amounts reported in the financial statements and accompanying notes. Such estimates could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Benefit payments to participants are recorded upon distribution. INVESTMENTS The Plans' investments are held in the Cooper Cameron Corporation Master Trust (the "Master Trust"). Nationwide Trust Company is the trustee of the Plans. The following is a summary of the investment accounts of the Master Trust and the Plans' beneficial interests in the investment accounts as of December 31, 2000 AND 1999. DECEMBER 31 2000 1999 ---------------------- Plan 005: Cooper Cameron Stock Fund 0.59% 0.84% Fidelity Growth Company Fund 100.00 100.00 Vanguard Balanced Index Fund 100.00 100.00 PRIMCO Stable Value Fund 2.19 2.21 6 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED) DECEMBER 31 2000 1999 --------------- Plan 005 (continued) Deutsche Institutional Equity 500 Index Fund (formerly, Bankers Trust Institutional Equity 500 Index Fund) 1.18% 2.10% PIMCO Total Return A Fund 3.38 2.21 Washington Mutual Investors Fund 3.22 1.88 MFS Massachusetts Investors Growth A Fund 1.90 1.75 Franklin Balance Sheet Investment A Fund 4.93 2.80 Lord Abbett Developing Growth A Fund 3.06 2.74 EuroPacific Growth Fund 3.09 3.15 Plan 006: Cooper Cameron Stock Fund 0.48 0.77 PRIMCO Stable Value Fund 3.59 8.91 Deutsche Institutional Equity 500 Index Fund (formerly, Bankers Trust Institutional Equity 500 Index Fund) 1.38 3.33 PIMCO Total Return A Fund 3.39 5.82 Washington Mutual Investors Fund 3.68 6.87 MFS Massachusetts Investors Growth A Fund 1.50 4.37 Franklin Balance Sheet Investment A Fund 2.70 4.95 Lord Abbett Developing Growth A Fund 1.49 3.77 EuroPacific Growth Fund 0.98 3.68 7 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED) DECEMBER 31 2000 1999 -------------- Plan 008: Cooper Cameron Stock Fund 0.75% 0.87% PRIMCO Stable Value Fund 2.77 3.15 Duetsche Institutional Equity 500 Index Fund (formerly, Bankers Trust Institutional Equity 500 Index Fund) 1.65 1.81 PIMCO Total Return A Fund 3.37 2.79 Washington Mutual Investors Fund 2.91 2.59 MFS Massachusetts Investors Growth A Fund 1.82 2.06 Franklin Balance Sheet Investment A Fund 2.20 2.48 Lord Abbett Developing Growth A Fund 2.04 3.14 EuroPacific Growth Fund 1.88 2.23 Plan 010: Cooper Cameron Stock Fund 0.43 0.49 PRIMCO Stable Value Fund 1.65 1.46 Deutsche Institutional Equity 500 Index Fund (formerly, Bankers Trust Institutional Equity 500 Index Fund) 0.40 0.45 PIMCO Total Return A Fund 2.00 2.02 Washington Mutual Investors Fund 1.95 1.85 MFS Massachusetts Investors Growth A Fund 1.04 1.28 Franklin Balance Sheet Investment A Fund 1.88 2.24 Lord Abbett Developing Growth A Fund 0.93 2.29 EuroPacific Growth Fund 1.11 1.29 The Master Trust's security transactions are accounted for on the date the securities are purchased or sold. Investment income is recorded as earned. 8 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED) The Master Trust's investments in securities traded on the exchanges are valued at the last reported sale price on the valuation date. Money market funds are stated at cost, which approximates fair value. Investment contracts within the PRIMCO Stable Value Fund, with varying contract rates and maturity dates, are fully benefit responsive and are therefore stated at contract value. Contract value represents cost plus accrued income. Although it is management's intention to hold the investment contracts until maturity, certain investment contracts provide for adjustments to contract value for withdrawals made prior to maturity. The INVESCO Group Trust for employee benefit plan is a 103-12 investment entity, in which the assets of multiple qualified plans are invested by the sponsor, PRIMCO Capital Management, and is comprised of bank issued synthetic contracts. 3. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST The purpose of the Master Trust is the collective investment of the assets of participating employee benefit plans of the Company. The assets of the Master Trust are allocated among participating plans by assigning to each plan those transactions (primarily contributions, participant loan transactions, and benefit payments) which can be specifically identified and allocating among all plans, in proportion to the fair value of the assets assigned to each plan, the income and expenses resulting from the collective investment of the assets. The Master Trust includes assets of other employee benefit plans in addition to those included in these financial statements. 9 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 3. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The following table presents the fair value of investments for the separate investment accounts of the Master Trust in which the Plans participate:
DECEMBER 31, 2000 MFS COOPER CAMERON WASHINGTON MASSACHUSETTS STOCK MUTUAL INVESTORS PRIMCO INVESTORS GROWTH FUND FUND STABLE VALUE FUND A FUND ------------------------------------------------------------------------ Assets: Cash $ 894,457 $ - $ - $ - Income receivable - - 7,158 - Net unsettled sales of investments 1,217,856 - - - Investments at fair value as determined by quoted market prices: Money Market Funds 48,516 - - - Cash Management Trust of America - - 3,984,937 - Cooper Cameron Corporation Common Stock 100,842,527 - - - Washington Mutual Investors Fund - 31,264,706 - - MFS Massachusetts Investors Growth A Fund - - - 47,309,768 Deutsche Institutional Equity 500 Index Fund (formerly Bankers Trust Institutional Equity 500 Index Fund) - - - - PIMCO Total Return A Fund - - - - Franklin Balance Sheet Investment A Fund - - - - Lord Abbett Developing Growth A Fund - - - - EuroPacific Growth Fund - - - - Vanguard Balanced Index Fund - - - - Fidelity Growth Company Fund - - - - Investments at estimated fair value or contract value: Investment contracts - - 40,586,774 - INVESCO Group Trust for Employee Benefit Plans - - 14,025,827 - Promissory note - - 96,250 - ------------------------------------------------------------------------ Total investments 100,891,043 31,264,706 58,693,788 47,309,768 ------------------------------------------------------------------------ Total assets 103,003,356 31,264,706 58,700,946 47,309,768 ------------------------------------------------------------------------ Liabilities: Net unsettled purchases of investments 1,495,531 - - - ------------------------------------------------------------------------ Net assets available to participating plans $101,507,825 $31,264,706 $58,700,946 $47,309,768 ======================================================================== DEUTSCHE INSTITUTIONAL EQUITY 500 INDEX DECEMBER 31, 2000 FUND (FORMERLY BANKERS TRUST INSTITUTIONAL FRANKLIN BALANCE VANGUARD BALANCED EQUITY 500 INDEX PIMCO TOTAL SHEET INVESTMENT INDEX FUND FUND) RETURN A FUND A FUND -------------------------------------------------------------------------- Assets: Cash $ - $ - $ - $ - Income receivable - - - - Net unsettled sales of investments - - - - Investments at fair value as determined by quoted market prices: Money Market Funds - - - - Cash Management Trust of America - - - - Cooper Cameron Corporation Common Stock - - - - Washington Mutual Investors Fund - - - - MFS Massachusetts Investors Growth A Fund - - - - Deutsche Institutional Equity 500 Index Fund (formerly Bankers Trust Institutional Equity 500 Index Fund) - 38,419,019 - - PIMCO Total Return A Fund - - 30,120,194 - Franklin Balance Sheet Investment A Fund - - - 11,246,448 Lord Abbett Developing Growth A Fund - - - - EuroPacific Growth Fund - - - - Vanguard Balanced Index Fund 357 - - - Fidelity Growth Company Fund - - - - Investments at estimated fair value or contract value: Investment contracts - - - - INVESCO Group Trust for Employee Benefit Plans - - - - Promissory note - - - - ------------------------------------------------------------------------ Total investments 357 38,419,019 30,120,194 11,246,448 ------------------------------------------------------------------------ Total assets 357 38,419,019 30,120,194 11,246,448 -------------------------------------------------------------------------- Liabilities: Net unsettled purchases of investments - - - - -------------------------------------------------------------------------- Net assets available to participating plans $357 $38,419,019 $30,120,194 $11,246,448 ========================================================================== DECEMBER 31, 2000 LORD ABBETT FIDELITY DEVELOPING GROWTH GROWTH A EUROPACIFIC FUND FUND -------------------------------------------------- Assets: Cash $ - $ - $ - Income receivable - - - Net unsettled sales of investments - - - Investments at fair value as determined by quoted market prices: Money Market Funds - - - Cash Management Trust of America - - - Cooper Cameron Corporation Common Stock - - - Washington Mutual Investors Fund - - - MFS Massachusetts Investors Growth A Fund - - - Deutsche Institutional Equity 500 Index Fund (formerly Bankers Trust Institutional Equity 500 Index Fund) - - - PIMCO Total Return A Fund - - - Franklin Balance Sheet Investment A Fund - - - Lord Abbett Developing Growth A Fund 10,790,367 - - EuroPacific Growth Fund - 14,156,301 - Vanguard Balanced Index Fund - - - Fidelity Growth Company Fund - - 3,018,978 Investments at estimated fair value or contract value: Investment contracts - - - INVESCO Group Trust for Employee Benefit Plans - - - Promissory note - - - -------------------------------------------------- Total investments 10,790,367 14,156,301 3,018,978 -------------------------------------------------- Total assets 10,790,367 14,156,301 3,018,978 -------------------------------------------------- Liabilities: Net unsettled purchases of investments - - - -------------------------------------------------- Net assets available to participating plans $10,790,367 $14,156,301 $3,018,978 ==================================================
10 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 3. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) The following table presents the fair value of investments for the separate investment accounts of the Master Trust in which the Plans participate:
COOPER WASHINGTON MFS CAMERON MUTUAL PRIMCO MASSACHUSETTS VANGUARD STOCK INVESTORS STABLE VALUE INVESTORS BALANCED DECEMBER 30, 1999 FUND FUND FUND GROWTH A FUND INDEX FUND ----------------------------------------------------------------------------- Assets: Net unsettled sales of investments $ 4,343,163 $ - $ - $ - $ - Investments at fair value as determined by quoted market prices: Money Market Funds 239,515 - - - - Cash Management Trust of America - - 12,051,274 - - Cooper Cameron Corporation Common Stock 88,096,553 - - - - Washington Mutual Investor's Fund - 30,309,599 - - - MFS Massachusetts Investors Growth A Fund - - - 46,798,499 - Bankers Trust Institutional Equity 500 Index - - - - - PIMCO Total Return A Fund - - - - - Franklin Balance Sheet Investment A Fund - - - - - Lord Abbett Developing Growth A Fund - - - - - EuroPacific Growth Fund - - - - - Vanguard Balanced Index Fund - - - - 1,639,222 Fidelity Growth Company Fund - - - - - Investments at estimated fair value or contract value: Investment contracts - - 48,380,302 - - INVESCO Group Trust for Employee Benefit Plans - - 10,699,540 - - Promissory note - - 184,187 - - ---------------------------------------------------------------------------- Total investments 88,336,068 30,309,599 71,315,303 46,798,499 1,639,222 ---------------------------------------------------------------------------- Total assets 92,679,231 30,309,599 71,315,303 46,798,499 1,639,222 ---------------------------------------------------------------------------- Liabilities: Net unsettled purchases of investments 2,910,760 5,026 225,905 26,493 20 Cash overdraft 3,273,717 - - - - ---------------------------------------------------------------------------- Net assets available to participating plans $ 86,494,754 $ 30,304,573 $ 71,089,398 $ 46,772,006 $ 1,639,202 ============================================================================
FRANKLIN BANKERS TRUST BALANCE LORD ABBETT INSTITUTIONAL SHEET DEVELOPING FIDELITY EQUITY 500 PIMCO TOTAL INVESTMENT A GROWTH A EUROPACIFIC GROWTH INDEX FUND) RETURN A FUND FUND FUND GROWTH FUND FUND ------------------------------------------------------------------------------------ Assets: Net unsettled sales of investments $ - $ 142,048 $ - $ - $ - $ - Investments at fair value as determined by quoted market prices: Money Market Funds - - - - - - Cash Management Trust of America - - - - - - Cooper Cameron Corporation Common Stock - - - - - - Washington Mutual Investor's Fund - - - - - - MFS Massachusetts Investors Growth A Fund - - - - - - Bankers Trust Institutional Equity 500 Index 49,678,569 - - - - - PIMCO Total Return A Fund - 29,780,851 - - - - Franklin Balance Sheet Investment A Fund - - 7,869,609 - - - Lord Abbett Developing Growth A Fund - - - 9,055,466 - - EuroPacific Growth Fund - - - - 13,716,073 - Vanguard Balanced Index Fund - - - - - - Fidelity Growth Company Fund - - - - - 2,247,065 Investments at estimated fair value or contract value: Investment contracts - - - - - - INVESCO Group Trust for Employee Benefit Plan - - - - - - Promissory note - - - - - - ------------------------------------------------------------------------------------ Total investments 49,678,569 29,780,851 7,869,609 9,055,466 13,716,073 2,247,065 ------------------------------------------------------------------------------------ Total assets 49,678,569 29,922,899 7,869,609 9,055,466 13,716,073 2,247,065 ------------------------------------------------------------------------------------ Liabilities: Net unsettled purchases of investments 12,180 - 1,768 5,166 8,760 726 Cash overdraft - - - - - - ------------------------------------------------------------------------------------ Net assets available to participating plans $ 49,666,389 $ 29,922,899 $ 7,867,841 $ 9,050,300 $ 13,707,313 $2,246,339 ====================================================================================
11 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 3. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) Investment income and net appreciation (depreciation) in fair value of investments (including gains and losses on investments bought and sold as well as held during the year) for the separate investment accounts of the Master Trust in which these Plans participate are as follows: NET YEAR ENDED DECEMBER 31, 2000 APPRECIATION INTEREST AND (DEPRECIATION) DIVIDENDS ------------------------------------- Cooper Cameron Stock Fund $29,083,887 $ 87,638 Fidelity Growth Company Fund (773,130) 278,114 Vanguard Balanced Index Fund (35,258) 28,360 PRIMCO Stable Value Fund - 3,802,001 Deutsche Institutional Equity 500 Index Fund (formerly Bankers Trust Institutional Equity 500 Index Fund) (7,883,015) 3,825,962 PIMCO Total Return A Fund 1,335,634 1,714,351 Washington Mutual Investors Fund (681,778) 3,000,522 MFS Massachusetts Investors Growth A Fund (8,326,203) 4,321,727 Franklin Balance Sheet Investment A Fund 1,519,094 292,418 Lord Abbett Developing Growth A Fund (3,107,375) 424,568 EuroPacific Growth Fund (5,000,746) 1,608,886 PRIMCO STABLE VALUE FUND ("STABLE VALUE FUND") The Stable Value Fund invests in actively managed synthetic bank and insurance company investment contracts ("SICs") and in guaranteed investment contracts ("GICs"). The GICs are promises by insurance companies or a bank to repay the principal plus accrued income at contract maturity. SICs differ from GIGs in that the assets supporting the SICs are owned by the Master Trust. The bank or insurance company issues a wrapper contract that allows participant directed transactions to be made at contract value. Wrapper contracts are valued as the difference between the fair value of the supporting assets and the contract value. The assets supporting the SICs owned by the Master Trust are comprised primarily of corporate bonds and government agency securities and 103-12 investment entities with a fair value of $52,434,269 and $52,065,275 at December 31, 2000 AND 1999, respectively. The contract values of the none at December 31, 2000 AND 1999 were $52,743,892 and $54,024,790, respectively. 12 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 3. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST (CONTINUED) Interest crediting rates on the GICs in the Stable Value Fund are generally determined at the time of purchase. Interest crediting rates on the SICs are reset periodically based on the yields of the supporting assets. At December 31, 2000 the interest crediting rates for all contracts ranged from 4.38% to 9.52%. At December 31, 1999 the interest crediting rates for all contracts ranged from 5.9% to 9.5%. For 2000 and 1999, the average annual yield for the investment contracts in the Stable Value Fund was 6.69% and 7.8%, respectively. At December 31, 2000 and 1999, fair value of the investment contracts in the Fund was estimated to be approximately 99% and 97% of contract value, respectively. Fair value of the GICs was estimated by discounting the weighted average of the Stable Value Fund's cash flows at the then-current interest crediting rate for a comparable maturity investment contract. Fair value of the SICs is based on the market value of the assets supporting the SICs. 4. INCOME TAX STATUS The Plans have been designed to meet the requirements of the Internal Revenue Code ("IRC") under Sections 401(a) and 501(a) and, therefore, are not subject to tax under present income tax laws. Once qualified, the Plans are required to operate in conformity with the IRC to maintain their qualifications. A favorable determination has been obtained for each of the Plans in which the Internal Revenue Service stated that each Plan, as then designed, was in compliance with the applicable requirements of the IRC. All Plans have been amended since receiving their determination letters. However, the Company believes that the Plans, as amended, are currently designed and being operated in compliance with the applicable requirements of the IRC. 5. OTHER CHANGES IN NET ASSETS For the year ended December 31, 2000, net assets of $3,044 were transferred from the Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant, to a plan sponsored by Rolls Royce due to the sale of one of the Company's divisions to Rolls Royce in 1999. All other net asset admissions (withdrawals) represent the net transfer of participant balances from (to) other plans sponsored by the Company. 13 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 6. SUBSEQUENT EVENT The Company intends to terminate the Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility, the Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant, and the Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant, during 2001. 14 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Plan Administration Committee have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION BUFFALO, NEW YORK PLANT /s/ William C. Lemmer _________________________________________ By: William C. Lemmer Member of the Plan Administration Committee Date: June 29, 2001 15 EX-23.1 2 dex231.txt E & Y CONSENT Exhibit 23.1 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-57991) pertaining to the Individual Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant of our report dated June 12, 2001 with respect to the financial statements of the Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant included in this Annual Report (Form 11-K) for the year ended December 31, 2000. /s/ Ernst & Young LLP June 27, 2001 Houston, Texas 16 -----END PRIVACY-ENHANCED MESSAGE-----