NOTES TO FINANCIAL STATEMENTS
1.
|
General Description of the Plan
|
The Mattel, Inc. Personal Investment Plan (the Plan or PIP) was established by Mattel, Inc. (the Company) effective November 1, 1983. The PIP is a contributory
thrift savings form of a defined contribution plan that covers non-union employees of the Company and certain of its subsidiaries.
The Plan is sponsored and administered by the Company, acting by and through the Administrative Committee. The Plans assets are held by Wells Fargo Bank, N.A. (Wells Fargo or the
Trustee) and the recordkeeper is Aon Hewitt.
During July 2012, the Company converted one of its unrelated defined
benefit plans, the Fisher-Price Pension Plan, into the Mattel Cash Balance Plan (the Mattel CBP). In connection with this conversion, PIP participants were allowed the option to rollover eligible PIP funds into the Mattel CBP through a
one-time direct rollover, subject to a minimum rollover amount of $5,000. Eligible funds included balances that could be distributed or withdrawn by active, terminated, or retired employees of the Company, Fisher-Price, or American Girl.
On February 1, 2012, the Company acquired Helium Holdings 1A Ltd (HIT Entertainment). The HIT Entertainment employees
that were participants of the HIT Entertainment, Inc. 401(k) Plan (HIT 401(k) Plan) as of May 31, 2012 became participants of the Plan as of June 1, 2012. On December 31, 2012, the Company merged the HIT 401(k) Plan with
and into the Plan. At December 31, 2012, the Plan recognized a receivable in the amount of the net assets transferred from the HIT 401(k) Plan into the Plan, as the net assets were not received by the Plan until January 2013.
Eligibility
Employees of the Company and certain of its subsidiaries are generally eligible to participate in the Plan immediately upon their hire date if they are full-time or part-time employees of the Company or
certain of its subsidiaries and are age 20 or older, except that American Girl retail store employees age 20 and older are eligible to participate in the PIP after a 90-day waiting period has been completed and American Girl variable employees are
not eligible to participate.
Contributions
For the Plan participants, excluding participants who are also participating in the Mattel CBP, the Company makes automatic contributions ranging from three percent to eight percent of compensation based
on participants ages, regardless of whether the participants elect to personally contribute to the Plan. For all Plan participants, the Company makes matching contributions equal to 100 percent of the first two percent of compensation and 50
percent of the next four percent of compensation contributed by participants. Plan participants who are not classified as highly compensated employees under the Internal Revenue Code may contribute up to an additional 74 percent of
compensation, with no matching contributions by the Company. Plan participants who are classified as highly compensated employees may contribute up to an additional 14 percent of compensation, with no matching contributions by the
Company.
The Plan includes provisions for automatic enrollment and re-enrollment of participants and automatic increases in
participant contributions. Under these provisions, each employee is automatically enrolled for contributions upon his or her commencement of employment equal to two percent of his or her compensation. In addition, the contribution election of each
participant who has elected (or who has been automatically enrolled) to contribute less than six percent of his or her compensation is automatically increased by one percent as of the first April that is at least 90 days after the participant has
elected (or who has been automatically enrolled) to contribute to the Plan. The automatic one percent increase continues on each subsequent April until the participants contribution level reaches six percent of compensation. A participant may
affirmatively elect to override the automatic enrollment and contribution increases at any time. Effective January 1, 2013, the automatic increase in participant contributions for those participants contributing less than six percent of his or her
compensation changed to two percent.
All contributions made to the Plan are subject to annual limitations imposed by the
Internal Revenue Code.
Plan participants are able to direct all contributions into one or more of the 15 separate investment
funds available under the Plan in 2012 and 2011, including a fund that is invested primarily in the Companys common stock (the Mattel, Inc. stock fund). Participants may not invest more than 25 percent of the contributions made to
their accounts in the Mattel, Inc. stock fund or transfer more than 25 percent of their account balances to the Mattel, Inc. stock fund. Participants are not required to allocate any funds to the Mattel, Inc. stock fund, which allows them to limit
or eliminate their exposure to market changes in the Companys stock price.
Vesting
Participants are immediately vested in their contributions plus earnings thereon. Participants vest in the Companys contributions
plus earnings thereon after three years of credited service. Participants who terminate employment due to retirement at or after the age of 65, permanent and total disability, or death become fully vested in the balances of their accounts.
4
Notes Receivable from Participants
Participants may borrow from their accounts a minimum of $2,000 and a maximum equal to the lesser of $50,000 less the highest outstanding
loan balance in the last 12 months, or 50 percent of the vested balance of their account. Loan terms generally range from one to five years but can range from one to fifteen years if the loan proceeds are used for the purchase of a primary
residence. The loans are secured by the vested balance of accounts and bear interest at the prime rate plus one percent set at the beginning of the month in which the loan is granted, and is fixed for the duration of the loan. Annual interest rates
on loans outstanding for the Plan ranged from 4.25 to 10.5 percent at both December 31, 2012 and December 31, 2011. Principal and interest are paid ratably through payroll deductions.
Participant Accounts
Participant accounts are credited with the participants contributions and allocations of (a) the Companys contributions and (b) the Plans earnings. The Companys
contributions are invested in the Plans investment funds based on the investment fund percentages chosen by participants for their contributions. Allocations of the Plans earnings are based on the funds earnings and the percentage
of the funds the participants choose to hold. Nonvested account balances of participants who terminate employment are forfeited and used to reduce Company contributions in the future. Forfeitures used to reduce Company contributions in 2012 were
approximately $1,048,000.
Payment of Benefits
Participants or beneficiaries of participants who terminate employment due to retirement, disability, death, or other reasons are allowed to receive a lump-sum payment equal to the vested balance of their
account or installment payments over a period of five, ten, or fifteen years, unless the distributable benefit is less than $1,000 in which case the payment is made in a lump sum.
Expenses of the Plan
Investment manager expenses are allocated to the funds and paid by the Plan, with all other expenses paid by the Company.
2.
|
Summary of Significant Accounting Policies
|
Basis of Accounting
The accompanying financial statements are prepared
using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (US GAAP).
Investment contracts held by the Plan are reported at fair value. However, contract value is the relevant measurement attribute for the portion of the net assets available for benefits of a defined
contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan. The statements of net assets
available for benefits present the fair value of the investment contracts, as well as adjustments from fair value to contract value for fully benefit-responsive investment contracts. The statement of changes in net assets available for benefits is
prepared on a contract value basis.
Valuation of Investments
The Plans investments are stated at fair value and are valued as follows:
The Plans investments in the common and commingled trust funds, short-term investment fund, and mutual fund are valued at the net
asset value of shares held. In general, there are no restrictions as to the redemption of these funds, nor does the Plan have any contractual obligations to further invest in any of these funds. In addition, these funds have daily liquidity with
trades settling between one and three days and are fully benefit-responsive to participant transactions at the measurement date. Investments in common stock, including the Companys common stock, are valued using quoted market prices reported
on the active market upon which the individual securities are traded. The stable asset fund holds primarily guaranteed investment contracts (GICs) and synthetic guaranteed investment contracts (synthetic GICs). The fair value
of the GICs is calculated by discounting the related cash flows based on current yields of similar instruments with comparable durations, considering the credit worthiness of the issuer. The fair value of the synthetic GICs is determined based on
the fair value of the individual underlying securities, which are primarily composed of high-quality fixed income securities and a collective trust fund. The fair value of the fixed income securities is determined based on valuations provided by an
independent pricing service, which uses multiple valuation techniques that incorporate available market information and proprietary valuation models, which consider market characteristics, such as benchmark yield curve, credit spreads, estimated
default rates and other security features. The fair value of the collective trust fund is based on the net asset value of shares held. The fair value of the synthetic GICs wrapper is determined using a market approach discounting methodology,
which incorporates the difference between current market level rates for contract wrap fees and the wrap fee being charged.
5
In determining the net assets available for benefits, the GICs and synthetic GICs are
considered to be fully benefit-responsive and thus adjusted to contract value, which is equal to the principal balance plus accrued interest. Full or partial Plan sponsor-directed redemptions or terminations of the stable asset fund may be delayed
for up to 30 days.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent
participant loans are reclassified as distributions based on the terms of the plan document. No allowance for credit losses was recorded as of December 31, 2012 or 2011.
Contributions
Company and participant contributions are reported in the
financial statements in the period in which the related employee services are rendered. Participant rollover contributions are reported as participant contributions in the financial statements.
Income Recognition
The net appreciation or depreciation in investment values during the period is reflected in the statement of changes in net assets available for benefits. The net appreciation or depreciation includes
realized gains and losses on investments sold during the period and unrealized gains and losses on investments held. Securities transactions are recorded on the transaction date. Interest income is recorded on the accrual basis as earned. Dividend
income is recorded on the ex-dividend date.
Payment of Benefits
Benefit payments are recorded in the period in which the benefit payments occur. Benefits that are due to participants but remained unpaid
at December 31, 2012 and December 31, 2011 totaled $71,000 and $199,000, respectively.
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest
rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could
materially affect participants account balances and the amounts reported in the statements of net assets available for benefits. Market values of the Plans investments may decline for a number of reasons, including changes in prevailing
market and interest rates, increases in defaults and credit rating downgrades.
Use of Estimates
The preparation of the financial statements in conformity with US GAAP requires management of the Plan 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 changes in net assets available for benefits during the
reporting period. Actual results could differ from those estimates.
The
Plan holds both GICs and synthetic GICs. These contracts are managed by Morley Capital Management, Inc. (Morley). The GICs are issued with a fixed crediting rate and a fixed maturity that does not change over the life of the contract.
The synthetic GICs are wrap contracts paired with underlying investments, primarily consisting of high-quality fixed income securities owned by the Plan. The synthetic GICs provide for a variable crediting rate, based on current yields of the
underlying assets, and do not have a final stated maturity date. The crediting rate typically re-sets on a monthly basis with a one-month look-back for the underlying investment portfolio statistics. The primary variables impacting future
crediting rates include current yield of the investments within the contract, duration of the investments covered by the contract, and the existing difference between the fair value and the contract value of the investments within the contract.
For synthetic GICs, the contract issuers guarantee a minimum zero percent crediting rate.
The average yield earned on the underlying investments equaled approximately 1% in both 2012 and 2011. The average yield earned reflecting
actual crediting rates to participants equaled approximately 2% in both 2012 and 2011.
As described in Note 2, because the
GICs and synthetic GICs held are fully benefit-responsive, contract value is the relevant measurement attribute for the portion of the net assets available for benefits attributable to the GICs and synthetic GICs. Contract value, as reported to the
Plan by Morley, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at
contract value. At December 31, 2012 and 2011, no reserves are considered necessary for any potential credit risk or other risk to the contract value of the investments. The contract issuers guarantee that all qualified participant
withdrawals will occur at contract value, subject to the events described in the following paragraph.
6
Certain events limit the ability of the Plan to transact at contract value with the
insurance company and the financial institution issuer. Such events may include, but are not limited to: (1) amendments to the Plans documents (including complete or partial plan termination or merger with another plan), (2) changes
to the Plans prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plans sponsor or other Plans sponsor events that cause a significant withdrawal from the Plan, or
(4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under the Employee Retirement Income Security Act. The Plans administrator does not believe that the
occurrence of any such event, which would limit the Plans ability to transact at contract value with participants, is probable. Certain events allow issuers to terminate GIC and wrap contracts with the Plan and settle at an amount different
from the contract value. Such events may include, but are not limited to: (1) management of the portfolio which is not in accordance with investment guidelines, (2) breach of any material obligation under the wrap agreement, (3) any
representation or warranty made by the contract holder that becomes untrue in any material way, (4) replacement of the advisor without prior consent of the issuer, (5) termination of fund, (6) fund ceases to qualify as a group trust
or the Plan ceases to meet the appropriate tax qualifications, or (7) the wrap becomes a prohibited transaction within the meaning of Section 406 of the Employee Retirement Income Security Act.
4.
|
Tax Status of the Plan
|
The Internal Revenue Service (the IRS) has determined and informed the Company by a letter dated March 11, 2009, that the
Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (the Code). Although the Plan has been amended since receiving the determination letter, the Company and the Plans counsel
believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
US GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has
taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The
Company believes it is no longer subject to income tax examinations for years prior to 2009.
5.
|
Related-Party Transactions
|
The Company and Wells Fargo are parties-in-interest. The Plans investment managers include BlackRock Financial Management,
Institutional Capital Management, Morley, Northern Trust Company, Pyramis Global Advisors, PIMCO, and Lazard Asset Management, which are also parties-in-interest. A statutory exemption exists for transactions with these parties-in-interest.
The Plan had transactions in the common stock of the Company and the Wells Fargo Short-Term Investment Fund, which is managed
by Wells Fargo. During 2012, purchases and sales of the Companys common stock totaled $4,419,000 and $5,655,000, respectively, and the purchases and sales of Wells Fargo Short-Term Investment Fund shares totaled $289,242,000 and $286,902,000,
respectively.
The
Company anticipates the Plan will continue without interruption but reserves the right to discontinue the Plan. In the event such discontinuance results in the termination of the Plan, participants will become 100 percent vested in their accounts.
The
following investments individually represent five percent or more of the Plans net assets (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
|
December 31,
2011
|
|
S&P 500 Equity Index Fund
|
|
$
|
107,312
|
|
|
$
|
94,714
|
|
Prudential Trust Co Collective Trust at contract value
(fair value of $55,504,000 and $53,564,000,
respectively)
|
|
|
53,257
|
|
|
|
52,090
|
|
International Equity Index Fund
|
|
|
43,487
|
|
|
|
41,193
|
|
Mattel, Inc. stock fund
|
|
|
40,906
|
|
|
|
(a)
|
|
|
(a)
|
The Mattel, Inc. stock fund did not represent five percent or more of the Plans net assets at December 31, 2011.
|
7
The Plans investments include realized gains and losses on investments sold and
unrealized gains and losses on investments held. The Plans investments appreciated during the year ended December 31, 2012 as follows (in thousands):
|
|
|
|
|
Common and commingled trust funds
|
|
$
|
41,973
|
|
Common stock
|
|
|
27,664
|
|
Mutual fund
|
|
|
448
|
|
|
|
|
|
|
Net appreciation in fair value of investments
|
|
$
|
70,085
|
|
|
|
|
|
|
The Company has directed the Trustee to invest any excess cash balances in the Wells Fargo Short-Term
Investment Fund, which is a diversified portfolio of short-term investment securities.
8.
|
Fair Value Measurements
|
The following tables present information about the Plans assets and liabilities measured and reported in the financial statements at
fair value and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows:
|
|
|
Level 1Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to
access.
|
|
|
|
Level 2Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that
are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
|
|
|
|
Level 3Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of
the assets or liabilities.
|
Assets and liabilities are classified in their entirety based on the lowest level
of input that is significant to the fair value measurement. The Plans assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and their
placement within the fair value hierarchy levels. The Plans assets measured and reported in the financial statements at fair value on a recurring basis include the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment fund
|
|
$
|
|
|
|
$
|
20,726
|
|
|
$
|
|
|
|
$
|
20,726
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
|
|
|
81,387
|
|
|
|
|
|
|
|
|
|
|
|
81,387
|
|
Small/Mid Cap
|
|
|
50,325
|
|
|
|
|
|
|
|
|
|
|
|
50,325
|
|
Mattel, Inc. common stock
|
|
|
40,906
|
|
|
|
|
|
|
|
|
|
|
|
40,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stock
|
|
|
172,618
|
|
|
|
|
|
|
|
|
|
|
|
172,618
|
|
Common and commingled trust funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P 500 Equity Index Fund
|
|
|
|
|
|
|
107,312
|
|
|
|
|
|
|
|
107,312
|
|
International Equity Index Fund
|
|
|
|
|
|
|
43,487
|
|
|
|
|
|
|
|
43,487
|
|
Intermediate Bond Index Fund
|
|
|
|
|
|
|
38,963
|
|
|
|
|
|
|
|
38,963
|
|
Wilshire 4500 Equity Index Fund
|
|
|
|
|
|
|
36,677
|
|
|
|
|
|
|
|
36,677
|
|
LifePath 2030 Index Fund
|
|
|
|
|
|
|
34,818
|
|
|
|
|
|
|
|
34,818
|
|
LifePath 2040 Index Fund
|
|
|
|
|
|
|
32,672
|
|
|
|
|
|
|
|
32,672
|
|
LifePath 2020 Index Fund
|
|
|
|
|
|
|
32,384
|
|
|
|
|
|
|
|
32,384
|
|
LifePath Retirement Index Fund
|
|
|
|
|
|
|
18,610
|
|
|
|
|
|
|
|
18,610
|
|
International Equity Fund
|
|
|
|
|
|
|
7,130
|
|
|
|
|
|
|
|
7,130
|
|
LifePath 2015 Index Fund
|
|
|
|
|
|
|
4,537
|
|
|
|
|
|
|
|
4,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common and commingled trust funds
|
|
|
|
|
|
|
356,590
|
|
|
|
|
|
|
|
356,590
|
|
Long-term US government bond mutual fund
|
|
|
31,716
|
|
|
|
|
|
|
|
|
|
|
|
31,716
|
|
Synthetic guaranteed investment contracts
|
|
|
|
|
|
|
202,233
|
|
|
|
|
|
|
|
202,233
|
|
Guaranteed investment contracts
|
|
|
|
|
|
|
2,147
|
|
|
|
|
|
|
|
2,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
$
|
204,334
|
|
|
$
|
581,696
|
|
|
$
|
|
|
|
$
|
786,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment fund
|
|
$
|
|
|
|
$
|
18,391
|
|
|
$
|
|
|
|
$
|
18,391
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
|
|
|
76,437
|
|
|
|
|
|
|
|
|
|
|
|
76,437
|
|
Small/Mid Cap
|
|
|
47,598
|
|
|
|
|
|
|
|
|
|
|
|
47,598
|
|
Mattel, Inc. common stock
|
|
|
32,364
|
|
|
|
|
|
|
|
|
|
|
|
32,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stock
|
|
|
156,399
|
|
|
|
|
|
|
|
|
|
|
|
156,399
|
|
Common and commingled trust funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P 500 Equity Index Fund
|
|
|
|
|
|
|
94,714
|
|
|
|
|
|
|
|
94,714
|
|
International Equity Index Fund
|
|
|
|
|
|
|
41,193
|
|
|
|
|
|
|
|
41,193
|
|
Intermediate Bond Index Fund
|
|
|
|
|
|
|
31,309
|
|
|
|
|
|
|
|
31,309
|
|
Wilshire 4500 Equity Index Fund
|
|
|
|
|
|
|
29,832
|
|
|
|
|
|
|
|
29,832
|
|
LifePath 2020 Index Fund
|
|
|
|
|
|
|
27,213
|
|
|
|
|
|
|
|
27,213
|
|
LifePath 2030 Index Fund
|
|
|
|
|
|
|
26,828
|
|
|
|
|
|
|
|
26,828
|
|
LifePath 2040 Index Fund
|
|
|
|
|
|
|
22,165
|
|
|
|
|
|
|
|
22,165
|
|
LifePath Retirement Index Fund
|
|
|
|
|
|
|
15,605
|
|
|
|
|
|
|
|
15,605
|
|
International Equity Fund
|
|
|
|
|
|
|
4,742
|
|
|
|
|
|
|
|
4,742
|
|
LifePath 2015 Index Fund
|
|
|
|
|
|
|
2,089
|
|
|
|
|
|
|
|
2,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common and commingled trust funds
|
|
|
|
|
|
|
295,690
|
|
|
|
|
|
|
|
295,690
|
|
Long-term US government bond mutual fund
|
|
|
30,065
|
|
|
|
|
|
|
|
|
|
|
|
30,065
|
|
Synthetic guaranteed investment contracts
|
|
|
|
|
|
|
198,500
|
|
|
|
|
|
|
|
198,500
|
|
Guaranteed investment contracts
|
|
|
|
|
|
|
16,949
|
|
|
|
|
|
|
|
16,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
$
|
186,464
|
|
|
$
|
529,530
|
|
|
$
|
|
|
|
$
|
715,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There have been no changes in the valuation methodologies used to value the Plans assets at fair
value at December 31, 2012 and 2011.
9.
|
Differences between Financial Statements and Form 5500
|
The following is a reconciliation of net assets available for benefits at December 31, 2012 and 2011 per the Plan financial statements to the Form 5500 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
Net assets available for benefits per the financial statements
|
|
$
|
801,826
|
|
|
$
|
722,605
|
|
Adjustments from contract value to fair value for fully benefit-responsive investment contracts
|
|
|
5,661
|
|
|
|
5,557
|
|
Benefits due to participants but unpaid at year-end
|
|
|
(71
|
)
|
|
|
(199
|
)
|
Loans classified as uncollectible per the Form 5500
|
|
|
(88
|
)
|
|
|
(71
|
)
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits per the Form 5500
|
|
$
|
807,328
|
|
|
$
|
727,892
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of the net increase in the net assets available for benefits per the
Plan financial statements to the Form 5500 (in thousands):
|
|
|
|
|
|
|
2012
|
|
Net increase in net assets available for benefits per the financial statements
|
|
$
|
79,221
|
|
Adjustments from contract value to fair value for fully benefit-responsive investment contracts
|
|
|
104
|
|
Benefits due to participants but unpaid at year-end
|
|
|
128
|
|
Deemed distributions of participant loans per the Form 5500
|
|
|
(17
|
)
|
|
|
|
|
|
Net increase in net assets available for benefits per the Form 5500
|
|
$
|
79,436
|
|
|
|
|
|
|
9
In
preparing these financial statements, the Plan evaluated the events and transactions that occurred between December 31, 2012 and the date these financial statements were issued.
10