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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
COMMISSION FILE NUMBER 001-12335
BUTLER MANUFACTURING COMPANY
GALESBURG HOURLY EMPLOYEE SAVINGS TRUST
401(k) PLAN
BUTLER MANUFACTURING COMPANY
BMA TOWER
PENN VALLEY PARK
KANSAS CITY, MO 64108
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Retirement Administrative Committee of
Butler Manufacturing Company:
We have audited the accompanying statements of net assets available for benefits
of the Butler Manufacturing Company Galesburg Hourly Employee Savings Trust Plan
as of December 31, 2000 and 1999, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements and schedule referred to below are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the 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 Plan as of
December 31, 2000 and 1999, and the changes in net assets available for benefits
for the years then ended, in conformity with accounting principles generally
accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
at end of year as of December 31, 2000, is presented for purposes of additional
analysis and is not a required part of the basic financial statements, but is
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Arthur Andersen LLP
Kansas City, Missouri,
June 8, 2001
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BUTLER MANUFACTURING COMPANY
GALESBURG HOURLY EMPLOYEE SAVINGS TRUST PLAN
Statements of net assets available for benefits
December 31, 2000 and 1999
2000 1999
---- ----
ASSETS:
Investments $7,547,516 $6,580,607
Receivables-
Employee contributions receivable 91,496 106,829
---------- ----------
Total receivables 91,496 106,829
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Net assets available for benefits $7,639,012 $6,687,436
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The accompanying notes are an integral part of these financial statements.
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BUTLER MANUFACTURING COMPANY
GALESBURG HOURLY EMPLOYEE SAVINGS TRUST PLAN
Statements of changes in net assets available for benefits
For the years ended December 31, 2000 and 1999
2000 1999
---- ----
CONTRIBUTIONS:
Employee $ 963,559 $ 923,930
Employer 166,644 31,231
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Total contributions 1,130,203 955,161
INCOME:
Net change in fair value of investments (433,088) 221,537
Interest and dividends 425,811 477,922
OTHER INCREASES (DECREASES):
Distributions (177,479) (208,351)
Fees (11,097) (9,897)
Net transfers (to) from another
employer-sponsored fund 17,226 (2,211)
Other -- --
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Increase in net assets available for
plan benefits 951,576 1,434,161
NET ASSETS AVAILABLE FOR BENEFITS,
beginning of year 6,687,436 5,253,275
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NET ASSETS AVAILABLE FOR BENEFITS,
end of year $ 7,639,012 $ 6,687,436
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The accompanying notes are an integral part of these financial statements.
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BUTLER MANUFACTURING COMPANY
401(k) GALESBURG HOURLY EMPLOYEE SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2000 AND 1999
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
In 1991, Butler Manufacturing Company (the Company) established the Galesburg
Hourly Employee Savings Trust (the Plan), which is administered by the
administrative committee. The investments of the Plan are in the custody of
Fidelity Institutional Retirement Services Company (Custodian). The trustee of
the Plan is the Fidelity Management Trust Company (Fidelity) which has been
appointed by the administrative committee and thereby holds all assets of the
Plan in the Butler Master Savings Plan Trust (Master Trust).
The following brief description of the Plan is provided for general information
purposes only. Participants should refer to the plan document for more complete
information.
Basis of presentation
The accompanying financial statements have been prepared on the accrual basis of
accounting and present the net assets available for benefits and changes in net
assets available for benefits.
Fees and expenses
The expenses incurred by the administrative committee of the Plan in
administering plan activity and the expenses incurred by Fidelity in
administering the trust may be paid from the assets of the Plan or by the
Company, as the Company elects.
Eligibility
All full-time Galesburg union hourly employees of the Company, having completed
six months of employment, are eligible for participation in the Plan.
Vesting
All eligible employees participating in the Plan are immediately 100 percent
vested in employer and participant contributions.
Termination
The Plan may be terminated at any time with the approval of the Company's
board of directors. If the Plan is terminated, each participant's account
balance will be, at the discretion of the Company, distributed in a lump sum or
held in trust to be distributed upon each participant's retirement, death,
disability or termination of employment.
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Investment valuation and income recognition
The Plan's investments are stated at fair value, measured by quoted market
prices in an active market. Purchases and sales of securities are recorded on a
trade-date basis.
Use of estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires the plan administrator to make
estimates and assumptions that affect: the reported amounts of net assets
available for benefits at the date of the financial statements and the reported
amounts of changes in net assets available for benefits during the reporting
period. Actual results could differ from those estimates.
Prior year amounts have been reclassed to conform with present year
presentation.
2. CONTRIBUTIONS
Employees may contribute to the Plan from 1 to 15 percent of their compensation
in 1 percent increments, subject to applicable IRS regulations. Participants
may direct investments of their contribution in 1 percent increments among the
funds established by Fidelity. At the discretion of the Board of Directors,
employee contributions up to 6 percent of compensation will be matched 25
percent by the Company. This match is applicable only to employees who are
active employees on December 31, except in cases of retirement, disability or
death if the Company has made a company-matching contribution under the Butler
Manufacturing Company 401(k) Employee Savings Trust Plan.
3. DISTRIBUTIONS
If a participant retires on or after attaining age 55, becomes totally or
permanently disabled, dies or terminates employment for any other reason, the
full value of the account becomes distributable. If the value of the amount
distributable exceeds $3,500, the distribution cannot be made until the
participant. reaches age 65 or gives consent to the distribution. All
distributions must be made prior to April 1 of the calendar year immediately
following the date the participant reaches age 70 1/2, even if still employed.
All distributions shall be made in a single payment of cash.
There were no distributions payable to vested participants at December 31, 2000
and 1999. These amounts would have been included in net assets available for
benefits in the accompanying financial statements and shown as a liability of
the Plan for purposes of the Form 5500.
4. IN-SERVICE WITHDRAWALS
Employee contributions, in part or in total, may be withdrawn for extreme
financial hardships. Such financial hardships include college costs, excessive
medical expenses, the purchase of a principal residence, or to prevent eviction
from a principal residence.
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5. LOANS TO PARTICIPANTS
At the discretion of the administrative committee, loans may be made to a
participant up to the lesser of $50,000 or 50 percent of the value of the
participant's account. No loan may be for an amount less than $1,000. Loans are
secured by an assignment of the participant's total account balance in the Plan.
Loan maturities may not be less than one year nor exceed five years, except for
home loans. Interest rates will be set by the administrative committee in
accordance with uniform procedures consistently applied in a manner which does
not discriminate in favor of officers, shareholders or highly compensated
participants.
6. INVESTMENTS
The following presents investments that represent 5 percent or more of the
Plan's net assets as of December 31:
2000 1999
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Fidelity investment funds-
Managed Income Portfolio $ 751,629 $ 645,983
Puritan Fund 1,440,394 1,269,376
Magellan Fund 2,381,672 2,309,315
Equity Income Fund 904,027 806,457
Retirement Money Market Trust 1,288,063 780,341
During 2000 the Plan's investments (including gains and losses on investments
bought and sold, as well as held during the year) changed in value by ($433,088)
as follows:
Mutual funds $(444,742)
Butler Common Stock Fund 11,654
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$(433,088)
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7. FEDERAL INCOME TAXES
The Plan has received a favorable determination letter, dated December 22, 1994,
from the IRS, qualifying the Plan under the Internal Revenue Code and exempting
the trust from federal income taxes. The Plan has been amended since receiving
the determination letter. The plan administrator believes the Plan is currently
designed and being operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, no provision for income taxes is included
in these financial statements.
8. INVESTMENT/PORTFOLIO RISK
The plan provides for various investments, which, in general, are exposed to
various risks, such as interest rate, credit and overall market volatility
risks. Due to the level of risk associated with certain investment securities,
it is reasonably possible that changes in the values of investment securities
will occur in the near term and that such changes could materially affect the
amounts reported in the statements of net assets available for benefits.
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BUTLER MANUFACTURING COMPANY
GALESBURG HOURLY EMPLOYEE SAVINGS TRUST PLAN
Schedule H, line 4i - Schedule of assets (held at end of year)
December 31, 2000
Fair
Shares Description Value
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*Fidelity Management Trust Company-
751,629 Managed Income Portfolio $ 751,629
76,495 Puritan Fund 1,440,394
19,964 Magellan Fund 2,381,672
16,920 Equity Income Fund 904,027
1,288,063 Retirement Money Market Trust 1,288,063
3,370 Aggressive Growth 121,888
1,593 Diverse International 34,959
583 Freedom Income 6,518
170 Freedom 2000 2,006
3,933 Freedom 2010 54,427
1,030 Freedom 2020 15,003
648 Freedom 2030 9,727
841 Spartan U.S. Equity Index 39,351
4,423 U.S. Bond Index 46,841
11,602 *Butler Common Stock Fund 82,488
Participant loans outstanding, 9.0% 368,524
*Party-in-interest to the Plan
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SIGNATURE
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Administrative Committee of the Plan has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
GALESBURG HOURLY EMPLOYEE SAVINGS TRUST
Date: June 15, 2001 By: /s/ Larry C. Miller
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Larry C. Miller, Member of the
Administrative Committee
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EXHIBIT INDEX
Exhibit
Number Description
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23 Consent of Independent Public Accountants