e11vk
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
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þ |
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934 |
For the fiscal year ended December 31, 2005
OR
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o |
|
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: |
CAMERON INTERNATIONAL CORPORATION
1333 West Loop South, Suite 1700
Houston, Texas 77027
Financial Statements
Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron
Corporation, Buffalo, New York Plant
As of December 31, 2005 and 2004 and for the year ended December 31, 2005
Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Financial Statements
As of December 31, 2005 and 2004 and for the year ended December 31, 2005
Contents
Report of Independent Registered Public Accounting Firm
To Participants and Plans Administration Committee
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation, Buffalo, New York Plant
We have audited the accompanying statements of net assets available for benefits of the
Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant (the Plan), as of December 31, 2005 and 2004, and the related statement
of changes in net assets available for benefits for the year ended December 31, 2005. 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 the standards of the Public Company Accounting
Oversight Board (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. The Plan is not required to have, nor were we engaged to perform an audit of its
internal control over financial reporting. Our audit included consideration of internal control
over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans
internal control over financial reporting. Accordingly, we express no such opinion. 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 at December 31, 2005 and 2004, and the
changes in its net assets available for benefits for the year ended December 31, 2005, in
conformity with accounting principles generally accepted in the United States of America.
/s/ Grant Thornton LLP
Houston, Texas
June 8, 2006
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Statements of Net Assets Available for Benefits
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December 31, |
|
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2005 |
|
|
2004 |
|
Assets |
|
|
|
|
|
|
|
|
Employer contributions receivable |
|
$ |
55,877 |
|
|
$ |
57,547 |
|
Plan interest in Cooper Cameron
Corporation Master Trust for Defined Contribution Plans |
|
|
15,706,040 |
|
|
|
13,319,747 |
|
|
|
|
Net assets available for benefits |
|
$ |
15,761,917 |
|
|
$ |
13,377,294 |
|
|
|
|
The accompanying notes are an integral part of these statements.
2
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2005
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Additions: |
|
|
|
|
Employer contributions |
|
$ |
557,266 |
|
Employee contributions |
|
|
659,947 |
|
Rollovers |
|
|
16,914 |
|
Investment gain from Cooper Cameron Corporation Master
Trust for Defined Contribution Plans |
|
|
1,358,514 |
|
|
|
|
|
Total additions |
|
|
2,592,641 |
|
|
|
|
|
|
Deductions: |
|
|
|
|
Administrative fees |
|
|
(24,122 |
) |
Benefits paid to participants |
|
|
(183,896 |
) |
|
|
|
|
Total deductions |
|
|
(208,018 |
) |
|
|
|
|
|
|
|
|
|
Net increase |
|
|
2,384,623 |
|
|
|
|
|
|
Net assets available for benefits at: |
|
|
|
|
Beginning of year |
|
|
13,377,294 |
|
|
|
|
|
End of year |
|
$ |
15,761,917 |
|
|
|
|
|
The accompanying notes are an integral part of these statements.
3
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Notes to Financial Statements
December 31, 2005
1. Description of the Plan
The Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron
Corporation, Buffalo, New York Plant (the Plan) is a profit-sharing plan which provides payments
to eligible employees of Cooper Cameron Corporation and certain subsidiaries (the Company) at
termination, retirement, death or disability. All union employees of the Company belonging to Local
Lodge No. 330, District 76 of the International Association of Machinists and Aerospace Workers,
are eligible for participation. The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA).
The Company contributes to each participants account monthly based on hours actively worked and
specific contribution rates as defined in the plan document. Contributions are also made for each
hour incurred for overtime, vacations or holidays, but excludes sick time for which the employee
may be paid. Company contributions are allocated among the investment fund options that have been
selected by each employee. Vesting in employer contributions is on a graduated scale with 100%
vesting at five years.
Amounts which are forfeited due to a participants termination of employment prior to vesting in
employer contributions made on the participants behalf are used to reduce the required Company
contribution in subsequent periods. In 2005, forfeited nonvested amounts totaling $6,697 were used
to reduce employer contributions. Upon termination of the Plan, all remaining forfeitures are to be
allocated to the participant accounts.
The Plan allows for employee contributions based on hours actively worked and elected contribution
rates. Electing to contribute is 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 fund options offered by the Plan. Allocations among the investment accounts may be
changed at the participants discretion on a daily basis.
Although it has not expressed any intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan subject to the provisions of
ERISA. In the event of plan termination, participants would become 100% vested in their employer
contributions.
4
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
More detailed information about the Plan, including the funding, vesting and benefit provisions, is
contained in the Summary Plan Description. A copy of this pamphlet is available at the Companys
corporate office.
2. Significant Accounting Principles
Accounting Principles
The accompanying financial statements of the Plan have been prepared on the accrual basis of
accounting.
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates that affect amounts reported
in the financial statements and accompanying notes. Actual results could differ from those
estimates.
Employer profit-sharing contributions are recorded in the period in which the related employee
services are rendered.
Benefit payments to participants are recorded upon distribution.
Investments
The Plans investments are held in the Cooper Cameron Corporation Master Trust for Defined
Contribution Plans (the Master Trust). Nationwide Trust Company is the trustee. The Plan
participates in only certain investment accounts of the Master Trust. The following is a summary of
those investment accounts and the Plans beneficial interest in those investment accounts as of
December 31, 2005 and 2004.
5
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Notes to Financial Statements (continued)
2. Significant Accounting Principles (continued)
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Beneficial Interest at |
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December 31, |
|
|
2005 |
|
2004 |
|
|
|
Cooper Cameron Stock Fund |
|
|
0.69 |
% |
|
|
0.47 |
% |
Fidelity Growth Company Fund |
|
|
100.00 |
|
|
|
100.00 |
|
PRIMCO Stable Value Fund |
|
|
4.25 |
|
|
|
3.91 |
|
State Street Bank S&P 500 Index Fund |
|
|
2.35 |
|
|
|
2.34 |
|
PIMCO Total Return Administrative Shares Fund |
|
|
5.20 |
|
|
|
5.33 |
|
Washington Mutual Investors Fund/A |
|
|
5.32 |
|
|
|
5.00 |
|
Growth Fund of America/A |
|
|
3.61 |
|
|
|
3.56 |
|
Franklin Balance Sheet Investment Fund/A |
|
|
4.12 |
|
|
|
3.80 |
|
Lord Abbett Developing Growth Fund/A |
|
|
4.24 |
|
|
|
4.10 |
|
EuroPacific Growth Fund/A |
|
|
4.47 |
|
|
|
4.19 |
|
Purchases and sales of securities by the Master Trust are recorded on a trade-date basis. Interest
income is recorded as earned. Dividends are recorded as of the ex-dividend date.
The Master Trusts investments in securities traded on national securities exchanges or in the
over-the-counter market are stated at fair value which equals their quoted market price on the last
business day of the plan year. Investments in money market funds are stated at cost, which
approximates fair value.
The PRIMCO Stable Value Fund is a master trust investment account managed by AMVESCAP National
Trust Company, an affiliate of INVESCO Institutional (N.A.), Inc., the trustee of the INVESCO Group
Trust for Retirement Savings, a Common Collective Trust, in which the assets of multiple qualified
plans are invested. The Stable Value Fund invests in actively managed synthetic bank and insurance
company investment contracts and in guaranteed investment contracts. These contracts have varying
yields and maturity dates, are fully benefit responsive and are therefore stated at contract value.
Contract value represents cost plus accrued income. Although it is managements intention to hold
the investment contracts until maturity, certain investment contracts provide for adjustments to
contract value for withdrawals made prior to maturity.
6
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Notes to Financial Statements (continued)
2. Significant Accounting Principles (continued)
Risks and Uncertainties
The Master Trust provides for various investments which, in general, are exposed to interest rate,
credit and overall market volatility risks. 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 individual 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. Master Trust assets are allocated among participating plans
by assigning to each plan those transactions (primarily contributions, participant loan
transactions, benefit payments and certain administrative expenses) 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 this Plan.
7
Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation, Buffalo, New York Plant
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:
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|
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|
|
|
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|
Cooper |
|
Washington |
|
|
|
|
|
|
|
|
|
|
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|
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|
Fidelity |
|
PIMCO Total |
|
Franklin |
|
Lord Abbett |
|
|
|
|
|
|
Cameron |
|
Mutual |
|
PRIMCO |
|
|
|
|
|
|
|
|
|
State Street |
|
Growth |
|
Return |
|
Balance Sheet |
|
Developing |
|
EuroPacific |
|
|
|
|
Stock |
|
Investors |
|
Stable Value |
|
Growth Fund |
|
Real Estate |
|
Bank S&P 500 |
|
Company |
|
Administrative |
|
Investment |
|
Growth |
|
Growth |
|
|
December 31, 2005 |
|
Fund |
|
Fund/A |
|
Fund |
|
of America/A |
|
Fund |
|
Index Fund |
|
Fund |
|
Shares Fund |
|
Fund/A |
|
Fund/A |
|
Fund/A |
|
Total |
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
176,878 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
176,878 |
|
Net unsettled sales of investments |
|
|
79,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,616 |
|
Income receivable |
|
|
2,346,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,346,558 |
|
Investments at fair value as determined by quoted
market prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
335,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
484,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
819,928 |
|
Cash Management Trust of America |
|
|
|
|
|
|
|
|
|
|
1,615,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,615,148 |
|
Cooper Cameron Corporation Common Stock |
|
|
103,353,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,353,527 |
|
Washington Mutual Investors Fund/A |
|
|
|
|
|
|
42,556,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,556,162 |
|
Growth Fund of America/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,949,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,949,712 |
|
Fidelity Growth Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,052,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,052,653 |
|
State Street Bank S&P 500 Index Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,571,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,571,523 |
|
PIMCO Total Return Administrative Shares Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,375,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,375,946 |
|
Franklin Balance Sheet Investment Fund/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,092,396 |
|
|
|
|
|
|
|
|
|
|
|
39,092,396 |
|
Lord Abbett Developing Growth Fund/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,881,036 |
|
|
|
|
|
|
|
16,881,036 |
|
EuroPacific Growth Fund/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,745,614 |
|
|
|
28,745,614 |
|
Investments at estimated fair value or contract value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO Group Trust for Retirement Savings |
|
|
|
|
|
|
|
|
|
|
62,735,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,735,056 |
|
Participant loans |
|
|
9,367,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,367,134 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,000 |
|
|
|
|
Total investments |
|
|
113,056,046 |
|
|
|
42,556,162 |
|
|
|
64,350,204 |
|
|
|
37,949,712 |
|
|
|
649,543 |
|
|
|
25,571,523 |
|
|
|
2,052,653 |
|
|
|
45,375,946 |
|
|
|
39,092,396 |
|
|
|
16,881,036 |
|
|
|
28,745,614 |
|
|
|
416,280,835 |
|
|
|
|
Total assets |
|
|
115,659,098 |
|
|
|
42,556,162 |
|
|
|
64,350,204 |
|
|
|
37,949,712 |
|
|
|
649,543 |
|
|
|
25,571,523 |
|
|
|
2,052,653 |
|
|
|
45,375,946 |
|
|
|
39,092,396 |
|
|
|
16,881,036 |
|
|
|
28,745,614 |
|
|
|
418,883,887 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other payables |
|
|
123,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,681 |
|
Net unsettled purchases of investments |
|
|
393,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
393,730 |
|
|
|
|
Net assets available to participating plans |
|
$ |
115,141,687 |
|
|
$ |
42,556,162 |
|
|
$ |
64,350,204 |
|
|
$ |
37,949,712 |
|
|
$ |
649,543 |
|
|
$ |
25,571,523 |
|
|
$ |
2,052,653 |
|
|
$ |
45,375,946 |
|
|
$ |
39,092,396 |
|
|
$ |
16,881,036 |
|
|
$ |
28,745,614 |
|
|
$ |
418,366,476 |
|
|
|
|
8
Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation, Buffalo, New York Plant
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cooper |
|
Washington |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO Total |
|
Franklin |
|
Lord Abbett |
|
|
|
|
|
|
Cameron |
|
Mutual |
|
PRIMCO |
|
|
|
|
|
|
|
|
|
State Street |
|
|
|
Return |
|
Balance Sheet |
|
Developing |
|
EuroPacific |
|
|
|
|
Stock |
|
Investors |
|
Stable Value |
|
Growth Fund |
|
Real Estate |
|
Bank S&P 500 |
|
Fidelity Growth |
|
Administrative |
|
Investment |
|
Growth |
|
Growth |
|
|
December 31, 2004 |
|
Fund |
|
Fund/A |
|
Fund |
|
of America/A |
|
Fund |
|
Index Fund |
|
Company Fund |
|
Shares Fund |
|
Fund/A |
|
Fund/A |
|
Fund/A |
|
Total |
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
191,066 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
191,066 |
|
Net unsettled sales of investments |
|
|
495,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
495,538 |
|
Investments at fair value as determined by quoted
market prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
8,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
516,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
525,372 |
|
Cash Management Trust of America |
|
|
|
|
|
|
|
|
|
|
2,080,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,080,481 |
|
Cooper Cameron Corporation Common Stock |
|
|
74,793,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,793,909 |
|
Washington Mutual Investors Fund/A |
|
|
|
|
|
|
38,026,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,026,641 |
|
Growth Fund of America/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,292,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,292,833 |
|
Fidelity Growth Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,196,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,196,529 |
|
State Street Bank S&P 500 Index Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,483,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,483,767 |
|
PIMCO Total Return Administrative Shares Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,780,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,780,366 |
|
Franklin Balance Sheet Investment Fund/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,029,520 |
|
|
|
|
|
|
|
|
|
|
|
32,029,520 |
|
Lord Abbett Developing Growth Fund/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,513,676 |
|
|
|
|
|
|
|
12,513,676 |
|
EuroPacific Growth Fund/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,577,690 |
|
|
|
20,577,690 |
|
Investments at estimated fair value or contract value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment contracts |
|
|
|
|
|
|
|
|
|
|
4,161,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,161,490 |
|
INVESCO Group Trust for Employee Benefit Plans |
|
|
|
|
|
|
|
|
|
|
55,363,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,363,729 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,000 |
|
|
|
|
Total investments |
|
|
74,802,507 |
|
|
|
38,026,641 |
|
|
|
61,605,700 |
|
|
|
30,292,833 |
|
|
|
681,774 |
|
|
|
24,483,767 |
|
|
|
2,196,529 |
|
|
|
40,780,366 |
|
|
|
32,029,520 |
|
|
|
12,513,676 |
|
|
|
20,577,690 |
|
|
|
337,991,003 |
|
|
|
|
Total assets |
|
|
75,489,111 |
|
|
|
38,026,641 |
|
|
|
61,605,700 |
|
|
|
30,292,833 |
|
|
|
681,774 |
|
|
|
24,483,767 |
|
|
|
2,196,529 |
|
|
|
40,780,366 |
|
|
|
32,029,520 |
|
|
|
12,513,676 |
|
|
|
20,577,690 |
|
|
|
338,677,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other payables |
|
|
53,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,824 |
|
Net unsettled purchases of investments |
|
|
160,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160,927 |
|
|
|
|
Net assets available to participating plans |
|
$ |
75,274,360 |
|
|
$ |
38,026,641 |
|
|
$ |
61,605,700 |
|
|
$ |
30,292,833 |
|
|
$ |
681,774 |
|
|
$ |
24,483,767 |
|
|
$ |
2,196,529 |
|
|
$ |
40,780,366 |
|
|
$ |
32,029,520 |
|
|
$ |
12,513,676 |
|
|
$ |
20,577,690 |
|
|
$ |
338,462,856 |
|
|
|
|
9
Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation,
Buffalo, New York Plant
Notes to Financial Statements (continued)
3. Separate Investment Accounts of the Cooper Cameron Corporation Master Trust (continued)
Investment income and the net realized and unrealized appreciation (depreciation) in fair value of
the investments held throughout the year or bought and sold during the year in the separate
investment accounts of the Master Trust are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|
|
|
|
|
Appreciation |
|
Interest and |
|
|
Year ended December 31, 2005 |
|
(Depreciation) |
|
Dividends |
|
Total |
|
|
|
Cooper Cameron Stock Fund |
|
$ |
36,076,659 |
|
|
$ |
10,272 |
|
|
$ |
36,086,931 |
|
Fidelity Growth Company Fund |
|
|
216,651 |
|
|
|
392 |
|
|
|
217,043 |
|
PRIMCO Stable Value Fund |
|
|
|
|
|
|
3,069,199 |
|
|
|
3,069,199 |
|
PIMCO Total Return Administrative
Shares Fund |
|
|
(787,319 |
) |
|
|
1,918,764 |
|
|
|
1,131,445 |
|
Washington Mutual Investors Fund/A |
|
|
110,371 |
|
|
|
1,388,870 |
|
|
|
1,499,241 |
|
Growth Fund of America/A |
|
|
4,190,945 |
|
|
|
504,565 |
|
|
|
4,695,510 |
|
Franklin Balance Sheet Investment
Fund/A |
|
|
2,089,468 |
|
|
|
1,775,967 |
|
|
|
3,865,435 |
|
Lord Abbett Developing Growth Fund/A |
|
|
1,556,293 |
|
|
|
198,972 |
|
|
|
1,755,265 |
|
EuroPacific Growth Fund/A |
|
|
3,550,487 |
|
|
|
1,361,028 |
|
|
|
4,911,515 |
|
Real Estate Fund |
|
|
|
|
|
|
12,534 |
|
|
|
12,534 |
|
State Street Bank S&P 500 Index Fund |
|
|
1,169,278 |
|
|
|
|
|
|
|
1,169,278 |
|
|
|
|
|
|
$ |
48,172,833 |
|
|
$ |
10,240,563 |
|
|
$ |
58,413,396 |
|
|
|
|
Administrative expenses paid by the Master Trust and allocated to the participating plans totaled
$424,415 for the year ended December 31, 2005.
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.
10
Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation,
Buffalo, New York Plant
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, 2005, the interest crediting rates for all investment contracts
ranged from 3.8% to 5.7%. At December 31, 2004, the interest crediting rates for all investment
contracts ranged from 1.70% to 6.99%.
For 2005 and 2004, the average annual yields for the investment contracts in the Stable Value Fund
were 4.79% and 4.62%, respectively. At December 31, 2005 and 2004, fair value of the investment
contracts in the Stable Value Fund was estimated to be approximately 99.46% and 102% of contract
value, respectively. Fair value of the GICs is estimated by discounting the weighted average of the
Stable Value Funds 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 Plan has been designed to meet the requirements of the Internal Revenue Code (IRC) under
Section 401(a) and, therefore, the related trust is exempt from taxation. A favorable determination
letter was received from the Internal Revenue Service on September 3, 2002. Since receiving the
determination letter, the Plan has been amended. Once qualified, the Plan is required to operate in
conformity with the IRC to maintain its qualification. The plan administrator believes the Plan is
being operated in compliance with the applicable requirements of the IRC and, therefore, believes
that the Plan, as amended, continues to be qualified and the related trust remains tax exempt.
5. Subsequent Events
On May 5, 2006, the stockholders of the Company approved a change in the Companys name to Cameron
International Corporation.
11
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the members of
the Plans 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 C. Schmitt |
|
|
|
|
|
By:
|
|
Jane C. Schmitt |
|
|
|
|
Member of the Plans Administration |
|
|
|
|
Committee |
|
|
|
|
|
|
|
Date:
June 26, 2006
12
Exhibit Index
|
|
|
Exhibit 23
|
|
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |