-----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, SmNJxrgxvUDvzNLhSwjXIGrTzeC60v11/Hu97ROM6g3rj50IAjTTRPq36RrtylLP IOpC3EpB4/f34/1ywaL1cQ== 0000899243-02-001939.txt : 20020701 0000899243-02-001939.hdr.sgml : 20020701 20020701154909 ACCESSION NUMBER: 0000899243-02-001939 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011231 FILED AS OF DATE: 20020701 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: 1934 Act SEC FILE NUMBER: 001-13884 FILM NUMBER: 02693651 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 FOR PERIOD ENDED DECEMBER 31, 2001 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, 2001 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 1333 West Loop South, Suite 1700 Houston, Texas 77027 INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR BARGAINING UNIT EMPLOYEES AT THE COOPER CAMERON CORPORATION BUFFALO, NEW YORK PLANT Page Report of Independent Auditors 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 14 Consent of Independent Auditors 15 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, listed on page 2, as of December 31, 2001 and 2000, and the related statement of changes in net assets available for benefits for the year ended December 31, 2001. 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 the Plans at December 31, 2001 and 2000, and the changes in their net assets available for benefits for the year ended December 31, 2001, in conformity with accounting principles generally accepted in the United States. /s/ ERNST & YOUNG LLP Houston, Texas June 14, 2002 1 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits December 31, 2001
Plan Interest in Cooper Cameron Corporation Net Assets Plan Employer Contributions Master Trust for Defined Available for No. Plan Name Receivable Contribution Plans Benefits - ------------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 25,621 $ 9,308,231 $ 9,333,852 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 1,470 4,732,686 4,734,156 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant - 3,038,289 3,038,289 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 713 897,961 898,674
See accompanying notes. 2 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statements of Net Assets Available for Benefits (continued) December 31, 2000
Plan Interest in Cooper Cameron Corporation Net Assets Plan Employer Contributions Master Trust for Defined Available for No. Plan Name Receivable Contribution 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. 3 Cooper Cameron Corporation Selected Individual Account Retirement Plans Statement of Changes in Net Assets Available for Benefits Year ended December 31, 2001
Net Assets Available for Benefits at Employer Employee Benefit Plan No. Plan Name January 1, 2001 Contributions Contributions Payments - ------------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ 9,647,819 $ 332,954 $ 449,781 $ (94,106) 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility 6,613,416 1,470 22,485 (1,780,143) 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant 6,554,089 - 22,318 (3,155,289) 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant 3,748,914 41,611 42,692 (2,805,705) Net Investment Loss from Cooper Cameron Corporation Master Net Assets Trust for Defined Available for Contribution Plans Other Changes in Benefits at Plan No. Plan Name (Net of Expenses) Net Assets December 31, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ 005 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Buffalo, New York Plant $ (1,006,544) $ 3,948 $ 9,333,852 006 Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation Grove City Facility (114,541) (8,531) 4,734,156 008 Individual Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron Corporation Mount Vernon Plant (346,188) (36,641) 3,038,289 010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant (128,838) - 898,674
See accompanying notes. 4 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements December 31, 2001 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 and certain subsidiaries (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 on 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. Upon termination of the Plans, all remaining forfeitures are to be allocated to the participant accounts. 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 offered by the Plans. Allocations among the investment accounts may be changed at the participant's discretion on a daily basis. The Company has the right under the Plans to discontinue its contributions at any time and to terminate the Plans subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their employer contributions. Effective December 31, 2001, 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 were terminated due to the closure of facilities covered by these Plans. Effective December 31, 2001, the participants of these Plans became 100% vested and the Company is in the process of distributing the participant accounts. 5 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 1. Description of the Plans (continued) More detailed information about the Plans and 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. 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. 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, 2001 and 2000. December 31 2001 2000 ----------------------------------- Plan 005: Cooper Cameron Stock Fund 0.60% 0.59% Fidelity Growth Company Fund 100.00 100.00 Vanguard Balanced Index Fund - 100.00 PRIMCO Stable Value Fund 2.74 2.19 6 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. Significant Accounting Principles (continued) December 31 2001 2000 ------------------- Plan 005 (continued) Deutsche Institutional Equity 500 Index Fund 1.33% 1.18% PIMCO Total Return A Fund 4.20 3.38 Washington Mutual Investors Fund 3.88 3.22 MFS Massachusetts Investors Growth A Fund 2.44 1.90 Franklin Balance Sheet Investment A Fund 4.77 4.93 Lord Abbett Developing Growth A Fund 3.53 3.06 EuroPacific Growth Fund 3.86 3.09 Plan 006: Cooper Cameron Stock Fund 0.13 0.48 PRIMCO Stable Value Fund 2.57 3.59 Deutsche Institutional Equity 500 Index Fund 1.29 1.38 PIMCO Total Return A Fund 2.60 3.39 Washington Mutual Investors Fund 3.07 3.68 MFS Massachusetts Investors Growth A Fund 1.47 1.50 Franklin Balance Sheet Investment A Fund 2.03 2.70 Lord Abbett Developing Growth A Fund 1.29 1.49 EuroPacific Growth Fund 1.10 0.98 7 Cooper Cameron Corporation Selected Individual Account Retirement Plans Notes to Financial Statements (continued) 2. Significant Accounting Principles (continued) December 31 2001 2000 ---------------------- Plan 008: Cooper Cameron Stock Fund 0.42% 0.75% PRIMCO Stable Value Fund 1.56 2.77 Duetsche Institutional Equity 500 Index Fund 0.81 1.65 PIMCO Total Return A Fund 1.73 3.37 Washington Mutual Investors Fund 1.35 2.91 MFS Massachusetts Investors Growth A Fund 1.01 1.82 Franklin Balance Sheet Investment A Fund 0.76 2.20 Lord Abbett Developing Growth A Fund 0.84 2.04 EuroPacific Growth Fund 1.01 1.88 Plan 010: Cooper Cameron Stock Fund 0.10 0.43 PRIMCO Stable Value Fund 0.38 1.65 Deutsche Institutional Equity 500 Index Fund 0.12 0.40 PIMCO Total Return A Fund 0.47 2.00 Washington Mutual Investors Fund 0.55 1.95 MFS Massachusetts Investors Growth A Fund 0.47 1.04 Franklin Balance Sheet Investment A Fund 0.32 1.88 Lord Abbett Developing Growth A Fund 0.21 0.93 EuroPacific Growth Fund 0.30 1.11 The Master Trust's security transactions are accounted for on the date the securities are purchased or sold. Interest income is recorded as earned. Dividends are recorded as of the ex-dividend date. 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 Plans 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. The Master Trust provides for various investments in common stock, mutual funds, and investment contracts. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is likely that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits and participant account balances. 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 by 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:
Cooper Washington MFS Cameron Mutual PRIMCO Massachusetts Stock Investors Stable Value Investors December 31, 2001 Fund Fund Fund Growth A Fund ------------------------------------------------------------- Assets: Cash $ 49,730 $ - $ - $ - Net unsettled sales of investments 747,156 - - - Investments at fair value as determined by quoted market prices: Money market funds 485,323 - - - Cash Management Trust of America - - 2,947,173 - Cooper Cameron Corporation Common Stock 72,431,025 - - - Washington Mutual Investors Fund - 30,792,886 - - MFS Massachusetts Investors Growth A Fund - - - 32,313,985 Deutsche 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 - - - - Fidelity Growth Company Fund - - - - Investments at estimated fair value or contract value: Investment contracts - - 37,651,137 - INVESCO Group Trust for Employee Benefit Plans - - 14,935,985 - ------------------------------------------------------------- Total investments 72,916,348 30,792,886 55,534,295 32,313,985 ------------------------------------------------------------- Total assets 73,713,234 30,792,886 55,534,295 32,313,985 ------------------------------------------------------------- Liabilities: Net unsettled purchases of investments (365,228) - - - ------------------------------------------------------------- Net assets available to participating plans $ 73,348,006 $ 30,792,886 $ 55,534,295 $ 32,313,985 ============================================================= Deutsche Franklin Institutional Balance Sheet Equity 500 PIMCO Total Investment A Index Fund Return A Fund Fund December 31, 2001 --------------------------------------------------------- Assets: Cash $ - $ - $ - 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 29,951,207 - - PIMCO Total Return A Fund - 33,186,711 - Franklin Balance Sheet Investment A Fund - - 13,824,686 Lord Abbett Developing Growth A Fund - - - EuroPacific Growth Fund - - - Fidelity Growth Company Fund - - - Investments at estimated fair value or contract value: Investment contracts - - - INVESCO Group Trust for Employee Benefit Plans - - - --------------------------------------------------------- Total investments 29,951,207 33,186,711 13,824,686 --------------------------------------------------------- Total assets 29,951,207 33,186,711 13,824,686 Liabilities: Net unsettled purchases of investments - - - --------------------------------------------------------- Net assets available to participating plans $ 29,951,207 $ 33,186,711 $ 13,824,686 ========================================================= Lord Abbett Fidelity Developing EuroPacific Growth Growth A Growth Company Fund Fund Fund December 31, 2001 ---------------------------------------------------- Assets: Cash $ - $ - $ - 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 - - - PIMCO Total Return A Fund - - - Franklin Balance Sheet Investment A Fund - - - Lord Abbett Developing Growth A Fund 9,611,825 - - EuroPacific Growth Fund - 12,221,450 - Fidelity Growth Company Fund - - 2,100,096 Investments at estimated fair value or contract value: Investment contracts - - - INVESCO Group Trust for Employee Benefit Plans - - - ---------------------------------------------------- Total investments 9,611,825 12,221,450 2,100,096 ---------------------------------------------------- Total assets 9,611,825 12,221,450 2,100,096 Liabilities: Net unsettled purchases of investments - - - ---------------------------------------------------- Net assets available to participating plans $ 9,611,825 $ 12,221,450 $ 2,100,096 ====================================================
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 Stock Investors Stable Value Investors December 31, 2000 Fund Fund Fund Growth 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 - - - - 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 Franklin Vanguard Institutional Balance Sheet Balanced Equity 500 PIMCO Total Investment A December 31, 2000 Index Fund Index Fund Return A 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 - 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 ============================================================== Lord Abbett Fidelity Developing EuroPacific Growth December 31, 2000 Growth A Growth Company Fund 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 - - - 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 ==================================================
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 Appreciation Interest and Year ended December 31, 2001 (Depreciation) Dividends ------------------------------- Cooper Cameron Stock Fund $(40,145,246) $ 10,888 Fidelity Growth Company Fund (758,893) 6,762 PRIMCO Stable Value Fund - 3,079,861 Deutsche Institutional Equity 500 Index Fund (5,312,478) 794,529 PIMCO Total Return A Fund 161,247 2,558,563 Washington Mutual Investors Fund (842,431) 1,264,731 MFS Massachusetts Investors Growth A Fund (11,499,407) - Franklin Balance Sheet Investment A Fund 1,496,966 621,112 Lord Abbett Developing Growth A Fund (887,512) - EuroPacific Growth Fund (2,005,334) 291,857 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 banks to repay the principal plus accrued income at contract maturity. SICs differ from GICs in that the assets supporting the SICs are owned by the Master Trust. A 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, asset-backed securities, government agency securities, and 103-12 investment entities with a total fair value of $47,655,056 and $52,434,269 at December 31, 2001 and 2000, respectively. The contract values of the SICs at December 31, 2001 and 2000 were $46,659,277 and $52,743,892, 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, 2001, the interest crediting rates for all contracts ranged from 3.08% to 9.52%. At December 31, 2000, the interest crediting rates for all contracts ranged from 4.38% to 9.52%. For 2001 and 2000, the average annual yield for the investment contracts in the Stable Value Fund was 5.75% and 6.69%, respectively. At December 31, 2001 and 2000, fair value of the investment contracts in the Fund was estimated to be approximately 102% and 99% 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 was 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 and new determination letters have been requested but not received. 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, 2001, net asset admissions and withdrawls represent the net transfer of participant balances to/from other qualified plans sponsored by the Company. 13 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/ Jane L.Crowder - ----------------------------------------- By: Jane L. Crowder Member of the Plan Administration Committee Date: June 28, 2002 14 EX-23.1 3 dex231.txt CONSENT OF ERNST & YOUNG LLP 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, 2002 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, 2001. /s/ Ernst & Young LLP June 27, 2002 Houston, Texas 15 -----END PRIVACY-ENHANCED MESSAGE-----