United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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þ
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2009
OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
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Commission File Number 001-14982
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:
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Huttig Building Products, Inc. Savings and Profit Sharing Plan
B.
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Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
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Huttig Building Products, Inc.
555 Maryville University Drive, Suite 400
St. Louis, MO 63141
TABLE OF CONTENTS
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Description
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Page No.
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3
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16
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17
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EX-23
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HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Financial Statements and Supplemental Schedule
December 31, 2009 and 2008
(With Report of Independent Registered Public Accounting Firm Thereon)
Report of Independent Registered Public Accounting Firm
To Participants of the Huttig Building Products, Inc. Savings and Profit Sharing Plan and
The Board of Directors of Huttig Building Products, Inc.
We have audited the accompanying statements of net assets available for benefits of the Huttig
Building Products, Inc. Savings and Profit Sharing Plan as of December 31, 2009 and 2008, and the
related statements of changes in net assets available for benefits for the years then ended. 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 auditing 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 Plans
internal control over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, 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 Huttig Building Products, Inc. Savings and
Profit Sharing Plan as of December 31, 2009 and 2008, and the changes in its net assets available
for benefits for the years then ended in conformity with accounting principles generally accepted
in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of assets (held at end of year) is presented for the
purpose of additional analysis and is not a required part of the basic financial statements but is
supplementary information required by the Department of Labors Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental
schedule is the responsibility of the Plans management. The supplemental schedule has been
subjected to the auditing procedures applied in the audit of the basic 2009 financial statements
and, in our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Brown Smith Wallace LLC
St. Louis, Missouri
June 25, 2010
2
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Statements of Net Assets Available for Benefits
December 31, 2009 and 2008
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2009
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2008
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Investments:
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Investments, at fair value (see note 3)
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$
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47,550,220
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$
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43,328,302
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Participant loans
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368,123
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405,076
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Total investments
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47,918,343
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43,733,378
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Receivables:
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Participant contributions
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60,923
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106,190
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Employer contributions
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84,086
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Total receivables
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60,923
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190,276
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Total assets
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47,979,266
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43,923,654
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Liabilities
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Excess contributions payable
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(500
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Net assets available for benefits at fair value
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47,979,266
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43,923,154
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Adjustment from fair value to contract value for
interest in collective trust relating to fully benefit-responsive investment contracts
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(31,139
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871,860
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Net assets available for benefits
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$
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47,948,127
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$
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44,795,014
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See accompanying notes to financial statements.
3
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2009 and 2008
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2009
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2008
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Additions:
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Contributions and other additions:
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Employer contributions, net of forfeitures
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$
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0
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$
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967,872
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Participant contributions
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1,823,676
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2,975,027
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Participant rollover contributions
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5,911
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48,082
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Total contributions and other additions
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1,829,587
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3,990,981
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Investment income (loss):
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Interest, dividends and capital gains
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371,624
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884,079
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Interest on loans to participants
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21,889
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27,566
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Net appreciation (depreciation) in fair value of investments
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8,311,419
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(22,963,171
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Total investment income (loss)
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8,704,932
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(22,051,526
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Total additions (reductions)
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10,534,519
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(18,060,545
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Deductions:
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Benefits paid to participants
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7,381,406
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10,629,370
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Total deductions
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7,381,406
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10,629,370
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Net increase (decrease) in net assets available for benefits
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3,153,113
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(28,689,915
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Net assets available for benefits, beginning of year
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44,795,014
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73,484,929
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Net assets available for benefits, end of year
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$
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47,948,127
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$
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44,795,014
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See accompanying notes to financial statements.
4
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
(1)
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Description of the Plan
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The following description of the Huttig Building Products, Inc. Savings and Profit Sharing
Plan (the Plan) is provided for financial statement purposes only. Participants should refer
to the Plan document for more complete information.
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(a)
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General
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The Plan is a defined contribution plan established by Huttig Building Products, Inc.
(Huttig or the Company) under the provisions of Section 401(a) of the Internal Revenue
Code (IRC), which includes a qualified cash or deferred salary arrangement as described
in Section 401(k) of the IRC, for the benefit of eligible employees of the Company. The
Plan was established December 16, 1999 to offer the employees of the Company a means of
saving funds, on a pretax basis or after-tax basis, for retirement. The Plan is subject
to the provisions of the Employee Retirement Income Security Act of 1974. Participation
is voluntary.
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Full-time employees are eligible to participate in the Plan upon completing 30 days of
regular service. The Plan covers all employees of the Company or any other corporation
affiliated with the Company, which has adopted the Plan, who have completed 30 days of
service, as defined by the Plan, and are not leased employees. Each employee may become a
participant of the Plan on the first day of any calendar month coinciding with, or
following, the fulfillment of the eligibility requirements.
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The Plan is administered by executives of the Company. Prudential Trust Company serves as
the Plan Trustee (the Trustee) and The Prudential Investment Company of America serves as
Plan Recordkeeper and Custodian.
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(b)
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Contributions
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Plan participants may contribute between 2% and 16% of their annual compensation, up to
the maximum allowable under Section 402(g) of the IRC. Contributions may be made prior to
Federal and certain other income taxes pursuant to Section 401(k) of the IRC or on an
after-tax basis. Plan participants must elect out of the minimum 2% annual contribution.
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The Company contribution is discretionary, as determined by the Board of Directors of the
Company, and was equivalent to 50% of the deferred savings in 2008, up to a maximum
contribution based on 6% of eligible compensation contributed. As of January 1, 2009, the
Company suspended the 50% Company contribution. 50% of the matching contributions made by
the Company are invested in Huttig common stock or cash which is invested in Huttig
common stock.
The remaining 50% of the matching contributions made by the Company are
invested in accordance with the employees current investment election. In the event that
the employee did not make an investment election for employer match, the Trustee will
invest in Company stock. If the contribution is in Company stock, such contribution is
based on the fair market value of the Huttig common stock
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5
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
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contributed as of the day of
delivery to the Trustee. The participant can reallocate the vested portions of the Huttig
common stock to other investments.
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The Company may also make a profit-sharing contribution on a discretionary basis on
behalf of all eligible participants employed on the last day of the Plan year, as defined
in the Plan, whether or not they make an elective contribution for the Plan year.
Profit-sharing contributions are based on the Companys profitability and are allocated
based on a participants yearly eligible compensation as a percentage of total eligible
compensation for that particular year. These contributions are also subject
to certain limitations. There were no discretionary profit sharing contributions remitted
to the Plan in 2009 or 2008.
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(c)
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Investments
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Participants may elect to place their deferred or non-deferred contributions into the
following funds: Huttig Company Stock, Prudential Jennison Growth Fund Z, Prudential
Dryden Stock Index Fund I, AIM Capital Development A, Lord Abbett Small Cap Value A Fund,
American Balanced Fund, Goldman Sachs Balanced A Fund, American Funds Euro Pacific Growth
Fund A, Columbia Mid Cap Value A, T Rowe Price Mid-Cap Growth R and Eaton Vance Large Cap
Value A Fund. Individual participants may further elect the Wells Fargo Stable Value Fund
80. As a result of the spin-off of the Company by Crane Co. in 1999, all assets resulting
from such transfer held within the Crane Co. Stock fund are held as a separate investment
fund; however, participants are not permitted to direct any contributions to the Crane
Co. Stock fund after the effective date of the Plan.
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(d)
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Vesting and Forfeitures
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Participants are always 100% vested in the value of their contributions and the earnings
thereon. Vesting of Company contributions and the earnings thereon is determined based on
participants years of vesting service. A participant is vested 20% after each year of
service and becomes fully vested after five years of service or if employment terminates
by reason of death, permanent disability, or retirement at age 65. A terminated
participant forfeits non-vested Company contributions on the one year anniversary of the
participants termination.
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Any amounts forfeited are first used for payment of employer matching contributions and
then to pay Plan expenses. The amounts forfeited were $81,565 and $146,577 in 2009 and
2008, respectively.
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(e)
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Payments of Benefits
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Amounts in a participants account and the vested portion of a participants employer
contributions are distributed upon retirement, death, disability, or other termination of
employment. Distributions from the Huttig Company Stock Fund are made in cash.
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(f)
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Participant Loans
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Participants may borrow funds from their accounts up to 50% of the total vested balance
but not more than $50,000, less the participants highest outstanding loan balance for
the previous 12-month period. The minimum loan amount is $1,000. Loans are repayable
through payroll deductions over 1-10 years. The loans are secured by the balance in the
participants account and bear interest at the
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6
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
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prime lending rate plus 2%. At December
31, 2009, the interest rates on participants loans ranged from 4.25% - 10.5%. The
outstanding balance of loans to participants was $368,123 and $405,076 as of December 31,
2009 and 2008, respectively. Interest income on the loan fund is included as interest
income in the participants fund accounts based on their elected loan allocation.
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(g)
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Plan Member Accounts
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Individual accounts are maintained for each Plan participant to reflect the Plan
participants share of the Plans income, the Companys contribution, and the Plan
participants contribution.
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(2)
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Summary of Significant Accounting Policies
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(a)
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Basis of Presentation
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The accompanying financial statements of the Plan have been prepared on the accrual basis
of accounting, except for benefit payments to participants, which are recorded when paid.
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(b)
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Use of Estimates
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The preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management 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 additions
and deductions during the reporting period. Actual results could differ from those
estimates.
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(c)
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Administrative Expenses
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The assets of the Plan shall be used to pay benefits as provided in the Plan and, to the
extent not paid directly by the Company, to pay the reasonable expenses of administering
the Plan.
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(d)
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Valuation of Investments
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Investments in mutual funds and Huttig company stock are valued at fair value using
publicly stated quotes as of the close of business on the last day of the plan year.
Investment transactions are accounted for on the trade-date basis.
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The cost value of participant loans is expected to approximate market value as the
majority of the loans are limited to a five-year repayment schedule and interest rates
within that time frame are not expected to fluctuate materially or to have a material
effect on the financial statements.
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The Plans Wells Fargo Stable Value Fund 80 is included in the financial statements at
the fair value of the collective trusts underlying investments as based on information
reported by the investment advisor using the audited financial statements of the
collective trust at year-end. 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 Statement of Net Assets Available
for Benefits presents the fair value of the investment in the collective trust as well as
the adjustment of the investment in the
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7
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
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collective trust from the fair value to contract
value relating to the investment contracts. The Statement of Changes in Net Assets
Available for Benefits is prepared on a contract value basis.
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The Plan provides for investment in various investments and investment securities that,
in general, are exposed to risks, such as interest rate, credit, and overall market
volatility. Further, due to the level of risk associated with certain investment
securities, it is reasonably possible that changes in the values of investment securities
will occur in the near term and such changes could materially affect the amounts reported
in the statements of net assets available for benefits.
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(e)
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Evaluation of Subsequent Events
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The Plan has evaluated subsequent events through June 25, 2010, the date of the financial
statements were available to be issued.
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(3)
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Investments
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The following presents investments that represent 5% or more of the Plans net assets:
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2009
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2008
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Wells Fargo Stable Value Fund 80*
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$
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15,569,912
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$
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16,450,326
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Eaton Vance Large Cap Value Fund A
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6,615,803
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6,424,551
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Prudential Jennison Growth Fund Z
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6,212,398
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5,288,425
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American Funds EuroPacific Growth Fund A
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4,216,392
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3,637,961
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American Balanced Fund
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2,675,201
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2,584,001
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Columbia Mid Cap Value A
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2,581,111
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2,380,228
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*
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At contract value (See note 2)
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8
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
The Plans investments (including realized and unrealized gains and losses on investments
bought and sold, as well as held during the year) appreciated (depreciated) in value as
follows:
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2009
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2008
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Appreciation/(depreciation) in fair value:
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Wells Fargo Stable Value Fund 80
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$
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404,069
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$
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698,800
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Prudential Jennison Growth Fund Z
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1,915,124
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(3,377,705
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Crane Company Stock
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998,446
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(2,199,997
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Huttig Company Stock
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651,534
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(4,936,116
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Prudential Dryden Stock Index Fund I
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386,296
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(1,203,935
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American Funds EuroPacific Growth Fund A
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1,141,602
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(2,883,129
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Goldman Sachs Balanced A Fund
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37,548
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(41,255
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Lord Abbett Mid Cap Value Fund
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(774,441
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Columbia Mid Cap Value A
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611,487
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(1,213,149
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T Rowe Price Mid-Cap Growth R
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2,536
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Lord Abbett Small Cap Value A Fund
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272,612
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(700,734
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Eaton Vance Large Cap Value Fund A
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813,562
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(3,666,179
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AIM Captial Development A
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675,617
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(1,560,670
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American Balanced Fund
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400,986
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(1,104,661
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$
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8,311,419
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$
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(22,963,171
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9
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
Fair Value Measurements
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820,
Fair
Value Measurements and Disclosures
, establishes a fair value hierarchy that prioritizes inputs
to valuation techniques used to measure fair value. This hierarchy consists of three broad
levels: Level 1 inputs consist of unadjusted quoted prices in active markets for identical
assets and have the highest priority, and Level 3 inputs that have the lowest priority. The
Plan uses appropriate techniques based on the available inputs to measure the fair value of
its investments. When available, the Plan measures fair value using Level 1 inputs because
they generally provide the most reliable evidence of fair value. Level 2 inputs were available
to the Plan with regard to the Stable Value Fund A, and Level 3 inputs were only used when
Level 1 or Level 2 inputs were not available.
Level 1 Fair Value Measurements
The fair value of mutual funds is based on quoted net asset values of the shares held by the
Plan at year-end. The fair value of common stock is based on quoted market prices.
Level 2 Fair Value Measurements
The contracts are with financial institutions to provide a stated rate of return to the buyer
of the contract for a specified period of time. A security-backed contract has similar
characteristics as a traditional investment contract and is comprised of two parts: the first
part is fixed income security or portfolio of fixed-income securities; the second part is a
contract value guarantee (wrapper) provide by a third party. The fair value is based upon
other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3 Fair Value Measurements
The fair value of participant loans is equal to the amortized costs of the loans because the
loans are secured by each respective participant account balance.
10
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
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|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
|
|
|
|
|
|
|
Mearsurements Using:
|
|
|
|
|
|
|
|
Quoted Prices
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
in Active
|
|
|
Significant
|
|
|
Significant
|
|
|
|
|
|
|
|
Markets for
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
Identical Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
December 31, 2009
|
|
Fair Value
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
Mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balanced
|
|
$
|
2,983,852
|
|
|
$
|
2,983,852
|
|
|
$
|
|
|
|
$
|
|
|
International
|
|
|
4,216,392
|
|
|
|
4,216,392
|
|
|
|
|
|
|
|
|
|
Large Cap Growth
|
|
|
8,311,813
|
|
|
|
8,311,813
|
|
|
|
|
|
|
|
|
|
Large Cap Value
|
|
|
6,615,803
|
|
|
|
6,615,803
|
|
|
|
|
|
|
|
|
|
Mid Cap Growth
|
|
|
2,266,030
|
|
|
|
2,266,030
|
|
|
|
|
|
|
|
|
|
Mid Cap Value
|
|
|
2,581,111
|
|
|
|
2,581,111
|
|
|
|
|
|
|
|
|
|
Small Cap Value
|
|
|
1,187,663
|
|
|
|
1,187,663
|
|
|
|
|
|
|
|
|
|
Huttig Common Stock
|
|
|
1,581,379
|
|
|
|
1,581,379
|
|
|
|
|
|
|
|
|
|
Crane Common Stock
|
|
|
2,205,126
|
|
|
|
2,205,126
|
|
|
|
|
|
|
|
|
|
Investment contracts
|
|
|
15,601,051
|
|
|
|
|
|
|
|
15,601,051
|
|
|
|
|
|
Participant loans
|
|
|
368,123
|
|
|
|
|
|
|
|
|
|
|
|
368,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,918,343
|
|
|
$
|
31,949,169
|
|
|
$
|
15,601,051
|
|
|
$
|
368,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|
|
|
|
|
|
Participant
|
|
December 31, 2009
|
|
Loans
|
|
Beginning Balance
|
|
$
|
405,076
|
|
Total gains or (losses) included in
changes in net assets available for benefits
|
|
|
|
|
Purchases, sales, issuances and settlements, net
|
|
|
(36,953
|
)
|
|
|
|
|
Ending Balance
|
|
$
|
368,123
|
|
|
|
|
|
11
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
|
|
|
|
|
|
|
Mearsurements Using:
|
|
|
|
|
|
|
|
Quoted Prices
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
in Active
|
|
|
Significant
|
|
|
Significant
|
|
|
|
|
|
|
|
Markets for
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
Identical Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
December 31, 2008
|
|
Fair Value
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
Mutual funds
|
|
$
|
25,437,893
|
|
|
$
|
25,437,893
|
|
|
$
|
|
|
|
$
|
|
|
Common stock
|
|
|
2,311,943
|
|
|
|
2,311,943
|
|
|
|
|
|
|
|
|
|
Investment contracts
|
|
|
15,578,466
|
|
|
|
|
|
|
|
15,578,466
|
|
|
|
|
|
Participant loans
|
|
|
405,076
|
|
|
|
|
|
|
|
|
|
|
|
405,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,733,378
|
|
|
$
|
27,749,836
|
|
|
$
|
15,578,466
|
|
|
$
|
405,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|
|
|
|
|
|
Participant
|
|
December 31, 2008
|
|
Loans
|
|
Beginning Balance
|
|
$
|
413,342
|
|
Total gains or (losses) included in
changes in net assets available for benefits
|
|
|
|
|
Purchases, sales, issuances and settlements, net
|
|
|
(8,266
|
)
|
|
|
|
|
Ending Balance
|
|
$
|
405,076
|
|
|
|
|
|
Stable Value Investment Contract
The Wells Fargo Stable Value Fund 80 (the Stable Value Fund), a common collective trust
fund, invests in a variety of investment contracts such as guaranteed investment contracts
(GICs) issued by insurance companies and other financial institutions and other investment
products (synthetic GICs and collective investment trusts) with similar characteristics. The
Stable Value Fund holds investments in fully benefit-responsive investment contracts that
provide that the Plan may make withdrawals at contract value for benefit-responsive
requirements.
The interest crediting rate is the periodic interest rate accrued to participants and is
either set at the beginning of the contract and held constant, or reset periodically to
reflect the performance of the underlying securities. Variables impacting future crediting
rates include current yield and duration of the
12
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
assets backing the contracts, existing
differences between the market values of
assets backing the contracts and the contract values
of the contracts.
Participants may ordinarily direct the withdrawal or transfer of all or a portion of their
investment in the Stable Value Fund at contract value. Certain events may limit the ability of
the Plan to transact at contract value with the issuer. The Plan administrator does not
believe that the occurrence of any such event is probable. For the Plan years ended December
31, 2009 and December 31, 2008, the average yield was approximately 3.4% and 5.3%,
respectively and the crediting interest rate was approximately 3.3% and 4.1%, respectively.
(4)
|
|
Nonparticipant-Directed Investments
|
|
|
|
The Plan has investments in Huttig Company Stock as of December 31, 2009 and 2008 of
$1,581,379 and $921,116, respectively. In 2009, the Company did not make matching
contributions for the purchase of Huttig Company Stock. The participant can reallocate the
vested portions of the Huttig Company stock at any time. In addition, after three years of
service, a participant can reallocate matching contributions invested in Huttig Company Stock
regardless of whether the participant is vested in such matching contributions.
|
|
(5)
|
|
Tax Status
|
|
|
|
The Plan has obtained a tax determination letter dated June 20, 2002. The Plan has been
amended since the receipt of this letter; however, the Plan administrator and the Plans
counsel believe that the Plan is currently being operated in compliance with the applicable
requirements of the IRC and was tax-exempt through the year ended December 31, 2009.
Accordingly, no provision for income taxes has been recorded in the financial statements.
|
|
(6)
|
|
Distribution of Assets Upon Termination of the Plan
|
|
|
|
Huttig reserves the right to terminate the Plan, in whole or in part, at any time. In the
event of termination, all amounts credited to the participant accounts will become 100%
vested. If the Plan is terminated at any time or contributions are completely discontinued and
Huttig determines that the trust shall be terminated, all accounts shall be revalued as if the
termination date were a valuation date and such accounts shall be distributed to participants.
If the Plan is terminated or contributions completely discontinued, but Huttig determines that
the trust shall be continued pursuant to the terms of the trust agreement, participants or the
Company shall make no further contributions, but the trust shall be administered as though the
Plan were otherwise in effect. There are no intentions to terminate the Plan at this time.
|
|
(7)
|
|
Related Parties
|
|
|
|
Certain Plan investments are shares of mutual funds and common collective trusts that are
managed by Prudential Trust Company. Prudential Trust Company is the Trustee, as defined by
the Plan, and therefore, these transactions qualify as party-in-interest transactions.
Additionally, Plan investments include shares of Huttig Building Products, Inc. common stock.
Huttig Building Products, Inc. is the Plan Sponsor, as
|
13
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2009 and 2008
|
|
defined by the Plan and, therefore,
these transactions qualify as party-in-interest transactions. These party-in-interest
transactions are allowable under ERISA regulations.
|
14
Schedule 1
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Schedule H, Line 4i Schedule of Assets Held (at end of year)
EIN #43-0334550
December 31, 2009
|
|
|
|
|
|
|
Current
|
|
|
|
value
|
|
Wells Fargo Stable Value Fund 80
|
|
$
|
15,601,051
|
|
AIM Capital Development A
|
|
|
2,203,167
|
|
Prudential Jennison Growth Fund Z*
|
|
|
6,212,398
|
|
Crane Company Stock
|
|
|
2,205,126
|
|
Huttig Company Stock*
|
|
|
1,581,379
|
|
Prudential Dryden Stock Index Fund I*
|
|
|
2,099,415
|
|
American Funds EuroPacific Growth Fund A
|
|
|
4,216,392
|
|
American Balanced Fund
|
|
|
2,675,201
|
|
Lord Abbett Small Cap Value A Fund
|
|
|
1,187,663
|
|
Eaton Vance Large Cap Value Fund A
|
|
|
6,615,803
|
|
Goldman Sachs Balanced A Fund
|
|
|
308,651
|
|
Columbia Mid Cap Value A
|
|
|
2,581,111
|
|
T Rowe Price Mid Cap Growth R
|
|
|
62,863
|
|
Participant loans, 4.25% to 10.5%*
|
|
|
368,123
|
|
|
|
|
|
|
|
$
|
47,918,343
|
|
|
|
|
|
|
|
|
*
|
|
Represents a party-in-interest investment allowable under ERISA regulations.
|
15
SIGNATURES
The Plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees
(or other persons who administer the employee benefit plan) have duly caused this Annual Report to
be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
HUTTIG BUILDING PRODUCTS, INC.
(Plan Administrator)
|
|
Date: June 25, 2010
|
By:
|
/s/ Philip W. Keipp
|
|
|
|
Name:
|
Philip W. Keipp
|
|
|
|
Title:
|
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
16
EXHIBIT INDEX
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
23
|
|
Consent of Brown Smith Wallace LLC, independent registered public accounting firm.
|
17
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