þ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Page No. | ||||
1 | ||||
FINANCIAL STATEMENTS: |
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2 | ||||
3 | ||||
4 | ||||
SUPPLEMENTAL SCHEDULE: |
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11 | ||||
13 | ||||
14 | ||||
EXHIBIT: |
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15 | ||||
2009 | ||||
ASSETS |
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INVESTMENTS: |
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Equity investments: |
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Common stock |
$ | 125,612 | ||
Mutual funds |
216,953 | |||
Total equity investments |
342,565 | |||
Fixed income investments: |
||||
Aberdeen Core Plus Fixed Income Fund |
1,947 | |||
Total fixed income investments |
1,947 | |||
Investment in common collective trusts: |
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Stable Value Fund |
5,003 | |||
Fidelity U.S. Equity Index Commingled Pool |
420 | |||
Total investments at fair value |
349,935 | |||
RECEIVABLES: |
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Contributions |
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Employer |
2,209 | |||
Employee |
4,964 | |||
Total Contributions |
7,173 | |||
Pending trades |
95 | |||
Total receivables |
7,268 | |||
Total assets |
357,203 | |||
LIABILITIES |
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Accrued fees |
2,527 | |||
Pending trades |
168 | |||
Total liabilities |
2,695 | |||
NET ASSETS WITH ALL INVESTMENTS
AT FAIR VALUE |
354,508 | |||
Adjustment from fair value to contract value
relating to fully benefit-responsive
investment contracts |
(62 | ) | ||
NET ASSETS AVAILABLE FOR BENEFITS |
$ | 354,446 | ||
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2009 | ||||
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR |
$ | | ||
ADDITIONS: |
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Investment income: |
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Interest |
63 | |||
Dividends |
6,632 | |||
Total investment income |
6,695 | |||
Net appreciation in fair value of investments: |
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Common stocks |
48,062 | |||
Mutual funds |
35,417 | |||
Fixed income investments |
163 | |||
Common collective trusts: |
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Fidelity U.S. Equity Index Commingled Pool |
134 | |||
Net appreciation |
83,776 | |||
Net investment income |
90,471 | |||
Contributions: |
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Employer |
80,435 | |||
Employee |
194,431 | |||
Total contributions |
274,866 | |||
Total additions |
365,337 | |||
DEDUCTIONS: |
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Payments to participants or beneficiaries |
4,812 | |||
Administrative expenses |
6,079 | |||
Total deductions |
10,891 | |||
NET INCREASE |
354,446 | |||
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR |
$ | 354,446 | ||
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1. | DESCRIPTION OF THE PLAN |
a. | General - The Plan is a defined contribution savings plan sponsored by Rockwell
Automation, Inc. (Rockwell Automation) which was established effective January 1, 2009.
The Rockwell Automation Employee Benefit Plan Committee and the Plan Administrator
control and manage the operation and administration of the Plan. Banco Popular de Puerto
Rico (the Trustee) is the trustee of the Plan. Fidelity Management Trust Company
(Fidelity) has custody of the Plans assets and manages the assets along with several
other investment managers. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). |
b. | Participation - The Plan provides that eligible employees electing to become
participants may contribute up to a maximum of 50% of base compensation, as defined in
the Plan document. However, contributions by highly compensated participants are limited
to 16% of the participants base compensation. Participant contributions can be made
either before or after Puerto Rico taxation of a participants base compensation. |
c. | Investment Elections - Participants may contribute to any or all of the funds that
are available for contributions in 1% increments. Participants may change such
investment elections on a daily basis. If a participant does not have an investment
election on file, contributions are made to one of the Fidelity Freedom Funds, based on
the participants date of birth. |
d. | Unit Values - Participants do not own specific securities or other assets in the
various funds, but have an interest therein represented by units valued as of the end of
each business day. However, voting rights are extended to participants in proportion to
their interest in each stock fund and each mutual fund, as represented by common units.
Participants accounts are charged or credited for Plan earnings or loss from
investments, as the case may be, with the number of units properly attributable to each
participant. |
e. | Vesting - Each participant is fully vested at all times in the portion of the
participants account that relates to the participants contributions and earnings
thereon. Rockwell Automations
matching contributions and earnings are vested after the participant has completed three
years of vesting service. |
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f. | Loans - A participant may obtain a loan in an amount as defined in the Plan
document (not less than $1,000 and not greater than the lower of $50,000, reduced by the
participants highest outstanding loan balance during the 12 month period before the date
of the loans, or 50% of the participants vested account balance less any outstanding
loans) from the balance of the participants account. Loans are secured by the remaining
balance in the participants account. Interest is charged at a rate equal to the prime
rate plus 1% at inception date of the loan. The loans can be repaid through payroll
deductions over terms of 12, 24, 36, 48 or 60 months, or up to 120 months for the
purchase of a primary residence, or repaid in full at any time after a minimum of one
month. Payments of principal and interest are credited to the participants account.
Participants may have up to two outstanding loans at any time from the Plan. |
g. | Forfeitures - When certain terminations of participation in the Plan occur, the
nonvested portion of the participants account represents a forfeiture, as defined in the
Plan document. Forfeitures remain in the Plan and subsequently are used to reduce
Rockwell Automations contributions to the Plan in accordance with ERISA. However, if
the participant is re-employed with Rockwell Automation and fulfills certain
requirements, as defined in the Plan document, the participants account will be
restored. As of December 31, 2009, forfeited nonvested accounts totaled $1,874. During
the year ended December 31, 2009 Rockwell Automations contributions were not reduced by
the forfeited nonvested accounts. |
h. | Plan Termination - Although Rockwell Automation has not expressed any current
intent to terminate the Plan, Rockwell Automation has the authority to terminate or
modify the Plan and to suspend contributions to the Plan in accordance with ERISA. If
the Plan is terminated or contributions by Rockwell Automation are discontinued, each
participants employer contribution account will be fully vested. Benefits under the
Plan will be provided solely from Plan assets. |
i. | Withdrawals and Distributions - Active participants may withdraw certain amounts up
to their entire vested interest when the participant attains the age of 59-1/2. Active
participants may also withdraw certain amounts when financial hardship is demonstrated.
Participant vested amounts are payable upon retirement, death or other termination of
employment. |
j. | Expenses - Plan fees and expenses, including fees and expenses associated with the
provision of administrative services by external service providers, are paid from Plan
assets. |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
a. | Valuation of Investments - The Plans investments are stated at fair value (See
Note 3). The Plans investment in the Stable Value Fund, a common collective trust fund,
consists of benefit responsive investment contracts. Investment contracts held by a
defined contribution plan are required to be reported at fair value. However, contract
value is the relevant measurement attribute for that 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 Statement
of Net Assets Available for Benefits present the fair value of the investment in the
common collective trust as well as the adjustment of the investment in the common
collective trust from fair value to contract value relating to the investment contracts.
The Statement of Changes in Net Assets Available for Benefits are presented on a contract
value basis. |
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b. | Fair Value Measurements - Accounting Standards Codification (ASC) Topic 820
establishes a framework for measuring fair value. That framework provides a fair value
hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (level 1 measurements) and the lowest priority to
unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy
under ASC Topic 820 are described below: |
| Quoted prices for similar assets or liabilities in active
markets; |
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| Quoted prices for identical or similar assets or liabilities in
inactive markets; |
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| Inputs other than quoted prices that are observable for the asset
or liability; |
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| Inputs that are derived principally from or corroborated by
observable market data by correlation or other means. |
c. | Use of Estimates - Estimates and assumptions made by the Plans management affect
the reported amount of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of increases
and decreases to Plan assets during the reporting period. Actual results could differ
from those estimates. |
d. | Payment of Benefits - Benefits are recorded when paid. |
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e. | Risks and Uncertainties - The Plan invests in various investments. In general,
investments are exposed to various risks, such as interest rate, credit and overall
market volatility. Due to the level of risk associated with certain investments, it is
reasonably possible that changes in the values of certain investments will occur in the
near term and that such changes could materially affect the amounts reported in the
financial statements. |
f. | Subsequent Events - Management has evaluated the impact of all subsequent events
through June 22, 2010, the date the Plans financial statements were issued, and
determined that all subsequent events have been appropriately recognized and disclosed in
the accompanying financial statements. |
3. | FAIR VALUE MEASUREMENTS |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common stock |
$ | 125,612 | | | $ | 125,612 | ||||||||||
Mutual funds |
216,953 | | | 216,953 | ||||||||||||
Fixed income
investments |
| 1,947 | | 1,947 | ||||||||||||
Common collective
trusts |
| 420 | 5,003 | 5,423 | ||||||||||||
Total Plan
Investments |
$ | 342,565 | $ | 2,367 | $ | 5,003 | $ | 349,935 | ||||||||
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Common collective trust - | ||||
Stable Value Fund | ||||
Balance, beginning of year |
$ | | ||
Change in adjustment to fair value from contract value |
62 | |||
Purchases, sales, issuances, and settlements, net |
4,941 | |||
Balance, end of year |
$ | 5,003 | ||
4. | GUARANTEED INVESTMENT CONTRACTS |
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5. | INVESTMENTS EXCEEDING 5% OF ASSETS |
Description of Investment | 2009 | |||
Rockwell Automation, Inc. common stock |
$ | 125,612 | ||
Fidelity Freedom 2030 Fund |
26,475 | |||
Fidelity Freedom 2035 Fund |
67,718 | |||
Fidelity Freedom 2040 Fund |
70,353 | |||
Fidelity Freedom 2045 Fund |
24,293 |
6. | NON-PARTICIPANT DIRECTED INVESTMENTS |
2009 | ||||
Net Assets, Beginning of Year |
$ | | ||
Changes in net assets: |
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Contributions |
78,226 | |||
Dividends |
1,642 | |||
Net appreciation |
44,524 | |||
Benefits paid to
participants |
(2,297 | ) | ||
Administrative expenses |
(1,197 | ) | ||
Transfers |
(1,642 | ) | ||
Total changes in net assets |
119,256 | |||
Net Assets, End of Year |
$ | 119,256 | ||
7. | TAX STATUS |
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8. | RELATED-PARTY TRANSACTIONS |
9. | RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 |
2009 | ||||
Net assets available for benefits reported in
the financial statements |
$ | 354,446 | ||
Adjustment from contract value to fair value
for investment relating to fully
benefit-responsive investment contracts |
62 | |||
Net assets reported on Form 5500 |
$ | 354,508 | ||
2009 | ||||
Total additions reported in
the financial statements |
$ | 365,337 | ||
Adjustment from contract value to fair value
for investment relating to fully
benefit-responsive investment contracts |
62 | |||
Total income as reported on Form 5500 |
$ | 365,399 | ||
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Par Value/ | ||||||||||||
Description of Investment Including | Number | |||||||||||
Identity of Issue, Rate of Interest, | of | |||||||||||
Maturity Date | Shares | Cost | Fair Value | |||||||||
COMMON STOCKS |
||||||||||||
ROCKWELL AUTOMATION, INC. |
2,674 | $ | 81,501 | $ | 125,612 | |||||||
TOTAL COMMON STOCKS |
81,501 | 125,612 | ||||||||||
MUTUAL FUNDS |
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Fidelity Fund Inc* |
512 | 11,994 | 14,655 | |||||||||
Fidelity Freedom 2000 Fund* |
379 | 3,887 | 4,296 | |||||||||
Fidelity Freedom 2025 Fund* |
540 | 4,846 | 5,610 | |||||||||
Fidelity Freedom 2030 Fund* |
2,137 | 22,501 | 26,475 | |||||||||
Fidelity Freedom 2035 Fund* |
6,600 | 56,421 | 67,718 | |||||||||
Fidelity Freedom 2040 Fund* |
9,826 | 57,383 | 70,353 | |||||||||
Fidelity Freedom 2045 Fund* |
2,868 | 20,174 | 24,293 | |||||||||
Fidelity Freedom Income Fund* |
96 | 1,000 | 1,026 | |||||||||
Fidelity International Discovery Fund Class K* |
17 | 343 | 515 | |||||||||
Fidelity Puritan Fund Class K* |
125 | 1,513 | 2,012 | |||||||||
TOTAL MUTUAL FUNDS |
180,062 | 216,953 | ||||||||||
TOTAL EQUITY INVESTMENTS |
261,563 | 342,565 | ||||||||||
FIXED INCOME INVESTMENTS |
||||||||||||
Aberdeen Core Plus Fixed Income Fund |
172 | 1,786 | 1,947 | |||||||||
TOTAL FIXED INCOME INVESTMENTS |
1,786 | 1,947 | ||||||||||
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Par Value/ | ||||||||||||
Description of Investment Including | Number | |||||||||||
Identity of Issue, Rate of Interest, | of | |||||||||||
Maturity Date | Shares | Cost | Fair Value | |||||||||
INVESTMENTS IN COMMON COLLECTIVE
TRUSTS
|
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STABLE VALUE FUND |
||||||||||||
AIG Financial Products Corp
Global Wrap, Crediting Interest
Rate of 2.48% |
778 | 778 | 788 | |||||||||
Fidelity Short-Term Income Fund* |
125 | 125 | 125 | |||||||||
JP Morgan Chase Global Wrap,
Crediting Interest Rate of 2.48% |
1,631 | 1,631 | 1,650 | |||||||||
Rabobank Nederland Global Wrap,
Crediting Interest Rate of 2.48% |
1,203 | 1,203 | 1,220 | |||||||||
State St Bk & Tr Co Boston Global
Wrap, Crediting Interest Rate of
2.48% |
1,204 | 1,204 | 1,220 | |||||||||
STABLE VALUE FUND |
4,941 | 5,003 | ||||||||||
FIDELITY US EQUITY INDEX
COMMINGLED POOL |
11 | 287 | 420 | |||||||||
TOTAL INVESTMENTS IN COMMON
COLLECTIVE TRUSTS |
5,228 | 5,423 | ||||||||||
TOTAL ASSETS (HELD AT END OF YEAR) |
$ | 268,577 | $ | 349,935 | ||||||||
* | Party-in-interest. |
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Relationship to | ||||||||
Identity of Party | Plan, Employer, or | |||||||
Involved | Other Party-In-Interest | Description of Transactions | Amount | |||||
Rockwell Automation, Inc.
|
Employer/Plan Sponsor | Participant contributions for employees were not funded within the time period prescribed by D.O.L. Regulation 2510.3-102. Participant contributions of $301 for payroll ending November 4, 2009 and participant contributions of $1,803 for payroll ending November 5, 2009 were deposited on February 18, 2010 and participant contributions of $182 for payroll ending December 24, 2009 were deposited on February 17, 2010. | $ | 2,468 |
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By
|
/s/ Teresa E. Carpenter
Plan Administrator |
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