UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 11-K
ANNUAL
REPORT
|
|
|
þ
|
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT
OF 1934
|
For
the fiscal year ended December 31, 2008
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.
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|
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 CAMERON INTERNATIONAL 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
Individual
Account Retirement Plan for Bargaining Unit Employees at the
Cameron
International Corporation Buffalo, New York Plant
Individual
Account Retirement Plan for Bargaining Unit Employees at the Cameron
International Corporation Buffalo, New York Plant
Financial
Statements
As of
December 31, 2008 and 2007 and for the year ended December 31, 2008
Report
of Independent Registered Public Accounting Firm –
MFR,
P.C.
|
4
|
Audited
Financial Statements
|
|
Statements
of Net Assets Available for Benefits
|
5
|
Statement
of Changes in Net Assets Available for Benefits
|
6
|
Notes
to Financial Statements
|
7
|
Signature
|
17
|
Consent
of Independent Registered Public Accounting Firm - MFR,
P.C.
|
19
|
Report of
Independent Registered Public Accounting Firm
To
Participants and Plans Administration Committee
Individual
Account Retirement Plan for Bargaining Unit Employees at the
Cameron
International 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 Cameron
International Corporation Buffalo, New York Plant (the “Plan”), as of December
31, 2008 and 2007, and the related statement of changes in net assets available
for benefits for the year ended December 31, 2008. These financial statements
are the responsibility of the Plan’s 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 audits 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 Plan’s 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 as of
December 31, 2008 and 2007, and the changes in its net assets available for
benefits for the year ended December 31, 2008, in conformity with U.S. generally
accepted accounting principles.
/s/
MFR, P.C.
Houston,
Texas
June 29,
2009
Individual
Account Retirement Plan for Bargaining Unit Employees at the Cameron
International Corporation Buffalo, New York Plant
|
|
December
31,
|
|
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Employer
contributions receivable
|
|
$
|
71,515
|
|
|
$
|
67,615
|
|
Plan
interest in the Cameron International Corporation Master
Trust
|
|
|
16,692,351
|
|
|
|
21,724,015
|
|
Net
assets reflecting all investments at fair value
|
|
|
16,763,866
|
|
|
|
21,791,630
|
|
|
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for interest in Cameron International
Corporation Master Trust relating to fully benefit-responsive investment
contracts
|
|
|
34,977
|
|
|
|
(44,172
|
)
|
Net
assets available for benefits
|
|
$
|
16,798,843
|
|
|
$
|
21,747,458
|
|
The
accompanying notes are an integral part of these statements.
Individual
Account Retirement Plan for Bargaining Unit Employees at the Cameron
International Corporation Buffalo, New York Plant
Year
ended December 31, 2008
Additions:
|
|
|
|
Employer
contributions
|
|
$
|
901,615
|
|
Employee
contributions
|
|
|
1,203,603
|
|
Net
investment loss from the Cameron International Corporation Master
Trust
|
|
|
(6,566,215
|
)
|
Total
net reduction
|
|
|
(4,460,997
|
)
|
|
|
|
|
|
Deductions:
|
|
|
|
|
Administrative
fees
|
|
|
(43,978
|
)
|
Benefits
paid to participants
|
|
|
(443,640
|
)
|
Total
deductions
|
|
|
(487,618
|
)
|
|
|
|
|
|
Net
decrease in net assets available for benefits
|
|
|
(4,948,615
|
)
|
|
|
|
|
|
Net
assets available for benefits at:
|
|
|
|
|
Beginning
of year
|
|
|
21,747,458
|
|
End
of year
|
|
$
|
16,798,843
|
|
The
accompanying notes are an integral part of these statements.
Individual
Account Retirement Plan for Bargaining Unit Employees at the Cameron
International Corporation Buffalo, New York Plant
December 31,
2008
1.
Description of the Plan
The
Individual Account Retirement Plan for Bargaining Unit Employees at the Cameron
International Corporation Buffalo, New York Plant (the “Plan”), formerly
Individual Account Retirement Plan for Bargaining Unit Employees at the Cooper
Cameron Corporation Buffalo, New York Plant, is a profit-sharing plan which
provides payments to eligible employees of Cameron International 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 participant’s 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. As a result of passage of the Pension
Protection Act of 2006, all active participants in the Plan as of January 1,
2007 now become 100% vested in the employer contributions upon completion of
three years of service (three-year cliff vesting).
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. In 2007,
forfeited nonvested amounts totaling $403 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
participant’s 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.
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 Company’s corporate
office.
2.
Significant Accounting Policies
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.
2.
Significant Accounting Policies (continued)
Accounting
Principles (continued)
As
required by FSP AAG INV-1 and SOP 94-4-1,
Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans
(the FSP), the statements of net assets
available for benefits present investment contracts at fair value as well as an
additional line item showing an adjustment of fully benefit-responsive
investment contracts from fair value to contract value. The statement of changes
in net assets available for benefits is presented on a contract value basis in
accordance with the FSP.
Employer
profit-sharing contributions and employee contributions are recorded in the
period in which the related employee services are rendered.
Benefit
payments to participants are recorded upon distribution.
Investments
The
Plan’s investments are held in the Cameron International Corporation Master
Trust (“Master Trust”). The Charles Schwab Company serves as trustee of the
Master Trust. The Plan participates in only certain investment
accounts of the Master Trust. The fair value of the Plan’s interest in the
Master Trust is based on the specific interests that it has in each of the
underlying participant-directed investment accounts.
The
following is a summary of those investment accounts and the Plan’s beneficial
interest in those investment accounts as of December 31, 2008 and
2007.
|
|
Beneficial
Interest at
December
31,
|
|
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
Cameron
International Stock Fund
|
|
|
1.10
|
%
|
|
|
1.16
|
%
|
Fidelity
Growth Company Fund
|
|
|
100.00
|
|
|
|
100.00
|
|
Stable
Value Fund
|
|
|
3.63
|
|
|
|
3.61
|
|
PIMCO
Total Return Administrative Shares Fund
|
|
|
4.10
|
|
|
|
4.44
|
|
Washington
Mutual Investors Fund /A
|
|
|
4.22
|
|
|
|
4.52
|
|
Franklin
Balance Sheet Investment Fund/A
|
|
|
3.77
|
|
|
|
3.97
|
|
Lord
Abbett Developing Growth Fund/A
|
|
|
4.92
|
|
|
|
4.85
|
|
EuroPacific
Growth Fund/A
|
|
|
5.27
|
|
|
|
4.92
|
|
Barclays
Global Investors Equity Index Fund
|
|
|
2.60
|
|
|
|
2.22
|
|
MFS
Massachusetts Investors Growth/A
|
|
|
3.01
|
|
|
|
3.25
|
|
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.
Statement
of Financial Accounting Standards No. 157,
Fair Value Measurements
(SFAS
157) was adopted by the Plan effective January 1, 2008. SFAS 157
established 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 and liabilities (level 1 measurements) and the lowest priority to
unobservable inputs (level 3 measurements). Level 2 measurements
include observable inputs other than quoted prices in active markets for
identical assets and liabilities.
Common
stocks, corporate bonds and U.S. government securities are valued at the closing
price reported on the active market on which the individual securities are
traded.
Mutual
and money market funds are valued at the net asset value (NAV) of shares held by
the Plan at year end.
Collective
trusts are valued at the unit of participation value of shares held by the plan
at year end.
The
preceding methods described may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair
values. Futhermore, although the Plan believes its valuation methods
are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different fair value measurement at the
reporting date.
The
following table sets forth by level, within the fair value hierarchy, the assets
of the Master Trust as of December 31, 2008:
|
|
Investments
at Fair Value at December 31, 2008
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Money
market funds
|
|
$
|
8,528,290
|
|
|
$
|
146,102
|
|
|
$
|
-
|
|
|
$
|
8,674,392
|
|
Mutual
funds
|
|
|
246,312,814
|
|
|
|
-
|
|
|
|
-
|
|
|
|
246,312,814
|
|
Common
stocks
|
|
|
105,846,256
|
|
|
|
-
|
|
|
|
-
|
|
|
|
105,846,256
|
|
Collective
trusts
|
|
|
-
|
|
|
|
107,017,862
|
|
|
|
158,865
|
|
|
|
107,176,727
|
|
Total
investments at fair value
|
|
$
|
360,687,360
|
|
|
$
|
107,163,964
|
|
|
$
|
158,865
|
|
|
$
|
468,010,189
|
|
The table
below sets forth a summary of changes in the fair value of the Plan’s level 3
investments for the year ended December 31, 2008:
|
|
Year
ended
December
31, 2008
|
|
|
|
Real estate
|
|
|
Wrapper
contracts
in collective
trusts
|
|
Balance
at beginning of year
|
|
$
|
110,000
|
|
|
$
|
-
|
|
Appreciation/unrealized
gain
|
|
|
82,545
|
|
|
|
158,865
|
|
Proceeds
from sale
|
|
|
(192,545
|
)
|
|
|
|
|
Balance
at end of year
|
|
$
|
-
|
|
|
$
|
158,865
|
|
The
Stable Value Fund (“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 (“SICs”) and in
guaranteed investment contracts (“GICs”). These contracts have varying yields
and maturity dates and are fully benefit responsive. These contracts are stated
at contract value which represents cost plus accrued income. The fair value of
the GICs has been estimated by discounting the related cash flows based on
current yields of similar instruments with comparable durations. Individual
assets of the SICs are valued at representative quoted market prices. The fair
value of the wrap contracts for the SICs is determined using the market approach
discounting methodology which incorporates the difference between current market
level rates for contract level wrap fees and the wrap fee being charged. The
difference is calculated as a dollar value and discounted by the prevailing
interpolated swap rate as of period-end.
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.
2.
Significant Accounting Policies (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 Cameron International 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.
|
3.
Separate Investment Accounts of the Cameron International Corporation
Master Trust (continued)
|
The
following table presents the fair value of investments for the separate
investment accounts of the Master Trust:
December
31, 2008
|
Cameron
International
Stock
Fund
|
|
Washington
Mutual Investors
Fund/A
|
|
Stable
Value Fund
|
|
American
Funds Growth Fund of America/A
|
|
Real
Estate
Fund
|
|
|
State
Street S&P 500 Flagship SL Series Fund
|
|
Fidelity
Growth Company Fund
|
|
PIMCO
Total Return Administrative Shares Fund
|
|
Franklin
Balance
Sheet
Investment
Fund/A
|
|
Lord
Abbett Developing Growth
Fund/A
|
|
EuroPacific
Growth Fund/A
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$
|
138,639
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
138,639
|
|
Net
unsettled sales of investments
|
|
262,531
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
262,531
|
|
Income
receivable
|
|
3,370,166
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
3,370,166
|
|
Investments
at fair
value
as
determined
by
quoted
market
prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
market
funds
|
|
838,686
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
639,695
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
1,478,381
|
|
Cash
Management
Trust
of
America
|
|
–
|
|
|
–
|
|
|
7,196,011
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
7,196,011
|
|
Cameron
International
Corporation
Common
Stock
|
|
105,846,256
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
105,846,256
|
|
Washington
Mutual
Investors
Fund/A
|
|
–
|
|
|
50,077,617
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
50,077,617
|
|
American
Funds
Growth
Fund
of
America/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
37
,
384
,9
53
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
37,384,953
|
|
Fidelity
Growth
Company
Fund
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
1,444,468
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
1,444,468
|
|
PIMCO
Total
Return
Administrative
Shares
Fund
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
75,561,371
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
75,561,371
|
|
Franklin
Balance
Sheet
Investment
Fund/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
31,968,506
|
|
|
–
|
|
|
–
|
|
|
31,968,506
|
|
Lord
Abbett
Developing
Growth
Fund/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
17,882,427
|
|
|
–
|
|
|
17,882,427
|
|
EuroPacific
Growth
Fund/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
31,993,472
|
|
|
31,993,472
|
|
Investments
at estimated fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State
Street S&P
500
Flagship
SL
Series
Fund
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
18,620,246
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
18,620,246
|
|
INVESCO
Group Trust for
Retirement
Savings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
–
|
|
|
–
|
|
|
88,397,616
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
88,397,616
|
|
Wrapper
contracts
|
|
–
|
|
|
–
|
|
|
158,865
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
158,865
|
|
Real
estate
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
Total
investments
|
|
106,684,942
|
|
|
50,077,617
|
|
|
95,752,492
|
|
|
37,384,953
|
|
|
639,695
|
|
|
|
18,620,246
|
|
|
1,444,468
|
|
|
75,561,371
|
|
|
31,968,506
|
|
|
17,882,427
|
|
|
31,993,472
|
|
|
468,010,189
|
|
Total
assets
|
|
110,456,278
|
|
|
50,077,617
|
|
|
95,752,492
|
|
|
37,384,953
|
|
|
639,695
|
|
|
|
18,620,246
|
|
|
1,444,468
|
|
|
75,561,371
|
|
|
31,968,506
|
|
|
17,882,427
|
|
|
31,993,472
|
|
|
471,781,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
payables
|
|
55,572
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
55,572
|
|
Net
unsettled purchases of investments
|
|
107,811
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
107,811
|
|
Net
assets reflecting all investments at fair value
|
|
110,292,895
|
|
|
50,077,617
|
|
|
95,752,492
|
|
|
37,384,953
|
|
|
639,695
|
|
|
|
18,620,246
|
|
|
1,444,468
|
|
|
75,561,371
|
|
|
31,968,506
|
|
|
17,882,427
|
|
|
31,993,472
|
|
|
471,618,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully
benefit-responsive
investment
contracts
|
|
–
|
|
|
–
|
|
|
964,019
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
964,019
|
|
Net
assets available to participating plans
|
$
|
110,292,895
|
|
$
|
50,077,617
|
|
$
|
96,716,511
|
|
$
|
37,384,953
|
|
$
|
639,695
|
|
|
$
|
18,620,246
|
|
$
|
1,444,468
|
|
$
|
75,561,371
|
|
$
|
31,968,506
|
|
$
|
17,882,427
|
|
$
|
31,993,472
|
|
$
|
472,582,161
|
|
|
3.
Separate Investment Accounts of the Cameron International Corporation
Master Trust (continued)
|
The
following table presents the fair value of investments for the separate
investment accounts of the Master Trust:
December
31, 2007
|
Cameron
International
Stock
Fund
|
|
Washington
Mutual Investors
Fund/A
|
|
Stable
Value Fund
|
|
MFS
Massachusetts
Investors
Growth/A
|
|
Real
Estate
Fund
|
|
Barclays
Global Investors Equity Index Fund
|
|
Fidelity
Growth Company Fund
|
|
PIMCO
Total Return Administrative Shares Fund
|
|
Franklin
Balance Sheet Investment Fund/A
|
|
Lord
Abbett Developing Growth
Fund/A
|
|
EuroPacific
Growth Fund/A
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$
|
398,887
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
–
|
|
$
|
398,887
|
|
Net
unsettled sales of investments
|
|
1,405,238
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
1,405,238
|
|
Income
receivable
|
|
5,052,421
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
5,052,421
|
|
Investments
at fair value as determined by quoted market prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
market
funds
|
|
105,052
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
519,126
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
624,178
|
|
Cash
Management
Trust
of
America
|
|
–
|
|
|
–
|
|
|
4,179,907
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
4,179,907
|
|
Cameron
International
Corporation
Common
Stock
|
|
200,581,531
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
200,581,531
|
|
Washington
Mutual
Investors
Fund/A
|
|
–
|
|
|
63,262,934
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
63,262,934
|
|
MFS
Massachusetts
Investors
Growth/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
53,923,467
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
53,923,467
|
|
Fidelity
Growth
Company
Fund
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
2,139,343
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
2,139,343
|
|
Barclays
Global
Investors
Equity
Index
Fund
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
28,382,477
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
28,382,477
|
|
PIMCO
Total
Return
Administrative
Shares
Fund
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
69,390,638
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
69,390,638
|
|
Franklin
Balance
Sheet
Investment
Fund/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
45,430,834
|
|
|
–
|
|
|
–
|
|
|
45,430,834
|
|
Lord
Abbett
Developing
Growth
Fund/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
30,498,859
|
|
|
–
|
|
|
30,498,859
|
|
EuroPacific
Growth
Fund/A
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
51,247,189
|
|
|
51,247,189
|
|
Investments
at estimated fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO
Group Trust for Retirement Savings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
–
|
|
|
–
|
|
|
81,926,858
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
81,926,858
|
|
Wrapper
contracts
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
Real
estate
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
110,000
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
110,000
|
|
Total
investments
|
|
200,686,583
|
|
|
63,262,934
|
|
|
86,106,765
|
|
|
53,923,467
|
|
|
629,126
|
|
|
28,382,477
|
|
|
2,139,343
|
|
|
69,390,638
|
|
|
45,430,834
|
|
|
30,498,859
|
|
|
51,247,189
|
|
|
631,698,215
|
|
Total
assets
|
|
207,543,129
|
|
|
63,262,934
|
|
|
86,106,765
|
|
|
53,923,467
|
|
|
629,126
|
|
|
28,382,477
|
|
|
2,139,343
|
|
|
69,390,638
|
|
|
45,430,834
|
|
|
30,498,859
|
|
|
51,247,189
|
|
|
638,554,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
payables
|
|
338,012
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
338,012
|
|
Net
unsettled purchases of investments
|
|
71,145
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
71,145
|
|
Net
assets reflecting all investments at fair value
|
|
207,133,972
|
|
|
63,262,934
|
|
|
86,106,765
|
|
|
53,923,467
|
|
|
629,126
|
|
|
28,382,477
|
|
|
2,139,343
|
|
|
69,390,638
|
|
|
45,430,834
|
|
|
30,498,859
|
|
|
51,247,189
|
|
|
638,145,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully
benefit-responsive
investment
contracts
|
|
–
|
|
|
–
|
|
|
(1,225,151
|
)
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(1,225,151
|
)
|
Net
assets available to participating plans
|
$
|
207,133,972
|
|
$
|
63,262,934
|
|
$
|
84,881,614
|
|
$
|
53,923,467
|
|
$
|
629,126
|
|
$
|
28,382,477
|
|
$
|
2,139,343
|
|
$
|
69,390,638
|
|
$
|
45,430,834
|
|
$
|
30,498,859
|
|
$
|
51,247,189
|
|
$
|
636,920,453
|
|
|
3.
Separate Investment Accounts of the Cameron International 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:
Year
ended December 31, 2008
|
|
Net
Appreciation (Depreciation)
|
|
|
Interest
and Dividends
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Cameron
International Stock Fund
|
|
$
|
(124,954,566
|
)
|
|
$
|
-
|
|
|
$
|
(124,954,566
|
)
|
Fidelity
Growth Company Fund
|
|
|
(953,148
|
)
|
|
|
2,116
|
|
|
|
(951,032
|
)
|
Stable
Value Fund
|
|
|
-
|
|
|
|
3,496,344
|
|
|
|
3,496,344
|
|
PIMCO
Total Return Administrative Shares Fund
|
|
|
(3,806,941
|
)
|
|
|
6,970,650
|
|
|
|
3,163,709
|
|
Washington
Mutual Investors Fund/A
|
|
|
(25,203,425
|
)
|
|
|
2,621,204
|
|
|
|
(22,582,221
|
)
|
MFS
Massachusetts Investors Growth/A
|
|
|
(22,368,516
|
)
|
|
|
422,129
|
|
|
|
(21,946,387
|
)
|
Franklin
Balance Sheet Investment Fund/A
|
|
|
(18,401,888
|
)
|
|
|
1,500,878
|
|
|
|
(16,901,010
|
)
|
Lord
Abbett Developing Growth Fund/A
|
|
|
(14,881,235
|
)
|
|
|
0
|
|
|
|
(14,881,235
|
)
|
EuroPacific
Growth Fund/A
|
|
|
(23,182,009
|
)
|
|
|
2,287,565
|
|
|
|
(20,894,444
|
)
|
Real
Estate Fund
|
|
|
-
|
|
|
|
93,975
|
|
|
|
93,975
|
|
Barclays
Global Investors Equity Index Fund
|
|
|
(10,438,533
|
)
|
|
|
-
|
|
|
|
(10,438,533
|
)
|
|
|
$
|
(244,190,261
|
)
|
|
$
|
17,394,861
|
|
|
$
|
(226,795,400
|
)
|
Administrative
expenses paid by the Master Trust for the year ended December 31, 2008 totaled
$624,796, of which $43,978 has been allocated to the Plan.
Stable
Value Fund
Objectives
of the Stable Value Fund
The
Stable Value Fund’s key objectives are to provide preservation of principal,
maintain a stable interest rate, and provide daily liquidity at contract value
for participant withdrawals and transfers in accordance with the provisions of
the Plan.
Nature
of Investment Contracts
To
accomplish the objectives outlined above, the Stable Value Fund invests
primarily in investment contracts such as GICs and SICs. In a traditional GIC,
the issuer takes a deposit from the Stable Value Fund and purchases investments
that are held in the issuer’s general account. The issuer is contractually
obligated to repay the principal and a specified rate of interest guaranteed to
the Stable Value Fund.
With
regard to a SIC, the underlying investments are owned by the Stable Value Fund
and held in trust for plan participants. The Stable Value Fund purchases a
wrapper contract from an insurance company or bank. The wrapper contract
amortizes the realized and unrealized gains and losses on the underlying fixed
income investments, typically over the duration of the investments, through
adjustments to the future interest crediting rate (which is the rate earned by
participants in the Stable Value Fund for the underlying investments). The
issuer of the wrapper contract provides assurance that the adjustments to the
interest crediting rate do not result in a future interest crediting rate that
is less than zero. An interest crediting rate less than zero would result in a
loss of principal or accrued interest.
3.
Separate Investment Accounts of the Cameron International Corporation
Master Trust (continued)
|
Calculating
the Interest Crediting Rate in Wrapper Contracts
The key
factors that influence future interest crediting rates for a wrapper contract
include:
·
|
The
level of market interest rates
|
·
|
The
amount and timing of participant contributions, transfers and withdrawals
into/out of the wrapper contract
|
·
|
The
investment returns generated by the fixed income investments that back the
wrapper contract
|
·
|
The
duration of the underlying investments backing the wrapper
contract
|
Wrapper
contracts’ interest crediting rates are typically reset on a monthly or
quarterly basis. Over time, the interest crediting rate amortizes the Stable
Value Fund’s realized and unrealized market value gains and losses over the
duration of the underlying investments.
Because
changes in market interest rates affect the yield to maturity and the market
value of the underlying investments, they can have a material impact on the
wrapper contract’s interest crediting rate. In addition, participant withdrawals
and transfers from the Stable Value Fund are paid at contract value but funded
through the market value liquidation of the underlying investments, which also
impacts the interest crediting rate. The resulting gains and losses in the
market value of the underlying investments relative to the wrapper contract
value are represented on the Stable Value Fund’s Statement of Net Assets as the
“adjustment from fair value to contract value for fully benefit-responsive
investment contracts”. If the adjustment from fair value to contract value is
positive for a given contract, this indicates that the wrapper contract value is
greater than the market value of the underlying investments. The embedded market
value losses will be amortized in the future through a lower interest crediting
rate than would otherwise be the case. If the adjustment from fair value to
contract value figure is negative, this indicates that the wrapper contract
value is less than the market value of the underlying investments. The
amortization of the embedded market value gains will cause the future interest
crediting rate to be higher than it otherwise would have been.
All
wrapper contracts provide for a minimum interest crediting rate of zero percent.
In the event that the interest crediting rate should fall to zero and the
requirements of the wrapper contract are satisfied, the wrapper issuers will pay
to the Plan the shortfall needed to maintain the interest crediting rate at
zero. This helps to ensure that participants’ principal and accrued interest
will be protected.
Events
That Limit the Ability of the Stable Value Fund to Transact at Contract
Value
In
certain circumstances, the amount withdrawn from the wrapper contract would be
payable at fair value rather than at contract value. These events include
termination of the Plan, a material adverse change to the provisions of the
Plan, if the Company elects to withdraw from a wrapper contract in order to
switch to a different investment provider, or if the terms of a successor plan
(in the event of the spin-off or sale of a division) do not meet the wrapper
contract issuer’s underwriting criteria for issuance of a clone wrapper
contract.
Issuer-Initiated
Contract Termination
Examples
of events that would permit a wrapper contract issuer to terminate a wrapper
contract upon short notice include the Plan’s loss of its qualified status,
uncured material breaches of responsibilities, or material and adverse changes
to the provisions of the Plan. If one of these events was to occur, the wrapper
contract issuer could terminate the wrapper contract at the market value of the
underlying investments (or in the case of a traditional GIC, at the hypothetical
market value based upon a contractual formula).
|
3.
Separate Investment Accounts of the Cameron International Corporation
Master Trust (continued)
|
Investments
in the Stable Value Fund at December 31, 2008 consisted of the
following:
Contract Issuer
|
Security
|
Major
Credit
Rating
|
|
Investments
at
Fair
Value
|
|
|
Wrapper
Contracts
at Fair Value
|
|
|
Adjustment
to
Contract
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wrapped
portfolios:
|
|
|
|
|
|
|
|
|
|
|
|
Bank
of America
|
Wrapper
|
AA-/Aaa
|
|
|
|
|
$
|
64,138
|
|
|
$
|
331,025
|
|
|
INVESCO
Multi-Manager Intermediate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government/Credit
Fund
|
|
|
$
|
16,318,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ING
|
Wrapper
|
AA/Aa3
|
|
|
|
|
|
|
18,453
|
|
|
|
(69,869
|
)
|
|
INVESCO
Multi-Manager Short-term Bond Fund
|
|
|
|
20,802,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan
Chase
|
Wrapper
|
AA-/Aaa
|
|
|
|
|
|
|
39,403
|
|
|
|
407,936
|
|
|
INVESCO
Multi-Manager Core Fixed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Fund
|
|
|
|
13,934,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monumental
|
Wrapper
|
AA/Aa3
|
|
|
|
|
|
|
2,739
|
|
|
|
(68,325
|
)
|
|
Cash
on hand
|
|
|
|
51,333
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury Notes
|
|
|
|
2,229,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific
Life Insurance
|
Wrapper
|
AA/Aa3
|
|
|
|
|
|
|
16,626
|
|
|
|
(20,436
|
)
|
|
INVESCO
Multi-Manager Short-term Bond Fund
|
|
|
|
18,700,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State
Street Bank
|
Wrapper
|
AA/Aa1
|
|
|
|
|
|
|
17,506
|
|
|
|
383,688
|
|
|
INVESCO
Multi-Manager Intermediate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government/Credit
Fund
|
|
|
|
16,360,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Funds Group
|
Cash
Management Trust of America
|
N/A
|
|
|
7,196,011
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
$
|
95,593,627
|
|
|
$
|
158,865
|
|
|
$
|
964,019
|
|
The
average yield earned by the fund and the average yield based on interest rates
credited to participants for the year ended December 31, 2008 was 5.235% and
3.574%, respectively. There was no change in the value of the fund’s investments
for the year ended December 31, 2008 due to changes in the fully
benefit-responsive status of the Stable Value Fund's investment
contracts.
|
3.
Separate Investment Accounts of the Cameron International Corporation
Master Trust (continued)
|
Investments
in the Stable Value Fund at December 31, 2007 consisted of the
following:
Contract Issuer
|
Security
|
Major
Credit
Rating
|
|
Investments
at
Fair
Value
|
|
|
Wrapper
Contracts
at Fair Value
|
|
|
Adjustment
to
Contract
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wrapped
portfolios:
|
|
|
|
|
|
|
|
|
|
|
|
Bank
of America
|
Wrapper
|
Aa1
|
|
|
|
|
$
|
-
|
|
|
$
|
(209,081
|
)
|
|
INVESCO
Multi-Manager Intermediate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government/Credit
Fund
|
|
|
$
|
14,872,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ING
|
Wrapper
|
AA/Aa3
|
|
|
|
|
|
|
-
|
|
|
|
(407,834
|
)
|
|
INVESCO
Short-term Bond Fund
|
|
|
|
18,713,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan
Chase
|
Wrapper
|
AA/Aaa
|
|
|
|
|
|
|
-
|
|
|
|
34,033
|
|
|
INVESCO
Multi-Manager Core Fixed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Fund
|
|
|
|
12,708,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monumental
|
Wrapper
|
AA/Aa3
|
|
|
|
|
|
|
-
|
|
|
|
(30,477
|
)
|
|
Cash
on hand
|
|
|
|
50,458
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury Note
|
|
|
|
2,003,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific
Life Insurance
|
Wrapper
|
AA/Aa3
|
|
|
|
|
|
|
-
|
|
|
|
(407,562
|
)
|
|
INVESCO
AAA Asset-Backed Securities Fund
|
|
|
|
18,662,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State
Street Bank
|
Wrapper
|
AA/Aa1
|
|
|
|
|
|
|
-
|
|
|
|
(204,230
|
)
|
|
INVESCO
Multi-Manager Intermediate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government/Credit
Fund
|
|
|
|
14,914,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Funds Group
|
Cash
Management Trust of America
|
N/A
|
|
|
4,179,907
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
$
|
86,106,765
|
|
|
$
|
-
|
|
|
$
|
(1,225,151
|
)
|
The
average yield earned by the fund and the average yield based on interest rates
credited to participants for the year ended December 31, 2007 was 5.127% and
4.988%, respectively. There was no change in the value of the fund’s investments
for the year ended December 31, 2007 due to changes in the fully
benefit-responsive status of the Stable Value Fund's investment
contracts.
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.
Reconciliation of Financial Statements to Form 5500
The
following is a reconciliation of net assets available for benefits per the
financial statements at December 31, 2008 and 2007 to the respective Forms
5500:
|
|
December
31,
|
|
|
|
2008
|
|
|
2007
|
|
Net
assets available for benefits per the financial statements
|
|
$
|
16,798,843
|
|
|
$
|
21,747,458
|
|
Adjustment
from contract value to fair value
|
|
|
(34,977
|
)
|
|
|
44,172
|
|
Net
assets available for benefits per Form 5500
|
|
$
|
16,763,866
|
|
|
$
|
21,791,630
|
|
The
following is a reconciliation of the net investment loss from the Cameron
International Corporation Master Trust per the financial statements for the year
ended December 31, 2008 to Form 5500:
Net
investment loss from the Cameron International Corporation Master Trust
per the financial statements
|
|
$
|
(6,566,215
|
)
|
Adjustment
from contract value to fair value at December 31, 2007
|
|
|
(44,172
|
)
|
Adjustment
from contract value to fair value at December 31, 2008
|
|
|
(34,977
|
)
|
Net
investment loss from the Cameron International Corporation Master Trust
per Form 5500
|
|
$
|
(6,645,364
|
)
|
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 CAMERON INTERNATIONAL CORPORATION
BUFFALO,
NEW YORK PLANT
|
By
:
/s/ Joseph H.
Mongrain
|
Joseph
H. Mongrain
|
Member
of the Plans Administration Committee
|
Date: June
29, 2009
Exhibit
Index
Exhibit
23.1
CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM – MFR,
P.C.
18
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