- Annual Report of Employee Stock Plans (11-K)
June 28 2011 - 3:43PM
Edgar (US Regulatory)
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, 2010
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
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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
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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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Financial Statements and Supplemental Schedule
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3
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Signatures
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19
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Exhibit Index
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20
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HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Financial Statements and Supplemental Schedule
Years ended December 31, 2010 and 2009
Report of Independent Registered Public Accounting Firm
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, 2010 and 2009, 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, 2010 and 2009, 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 2010 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, L.L.C.
St. Louis, Missouri
June 28, 2011
2
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Statements of Net Assets Available for Benefits
December 31, 2010 and 2009
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2010
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2009
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Investments:
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Investments, at fair value (see note 3)
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$
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48,956,383
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$
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47,550,220
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Total investments
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48,956,383
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47,550,220
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Receivables:
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Participant contributions
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60,923
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Notes receivable participants
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396,421
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368,123
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Total receivables
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396,421
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429,046
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Total assets
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49,352,804
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47,979,266
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Net assets available for benefits at fair value
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49,352 ,804
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47,979,266
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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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(290,226
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(31,139
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Net assets available for benefits
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$
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49,062,578
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$
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47,948,127
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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, 2010 and 2009
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2010
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2009
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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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3,396
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$
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0
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Participant contributions
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1,567,878
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1,823,676
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Participant rollover contributions
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189,757
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5,911
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Total contributions and other additions
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1,761,031
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1,829,587
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Investment income:
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Interest, dividends and capital gains
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445,883
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371,624
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Interest income on notes receivable - participants
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18,902
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21,889
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Net appreciation in fair value of investments
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4,627,395
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8,311,419
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Total investment income
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5,092,180
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8,704,932
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Total additions
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6,853 ,211
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10,534,519
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Deductions:
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Benefits paid to participants
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6,443,310
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7,381,406
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Total deductions
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6,443,310
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7,381,406
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Net increase before transfers from other plans
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409,901
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3,153,113
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Transfer of assets from other plans
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704,550
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0
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Net increase
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1,114,451
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3,153,113
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Net assets available for benefits, beginning of year
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47,948,127
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44,795,014
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Net assets available for benefits, end of year
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$
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49,062,578
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$
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47,948,127
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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, 2010 and 2009
(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.
Participants attaining the age of 50 before the end of year were eligible to make
catch-up contributions of an extra $5,500. Effective
November 10, 2010, the Plan was amended to allow participants to
make Roth contributions to the Plan.
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Company matching Plan contributions are discretionary as determined by the Board of
Directors. As of January 1, 2009, the Company suspended the 50% Company contribution. 50%
of any 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 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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5
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
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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 2010 or 2009.
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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 Fund, Prudential Jennison Growth Fund Z, Prudential
Dryden Stock Index Fund I, 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, Eaton Vance Large Cap Value Fund A, Federated Clover Small Cap Value A, PIMCO
Total Return A and Templeton Global Bond 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 $21,735 and $81,565 in 2010 and
2009, 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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Notes Receivable Participants
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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 prime lending rate plus 2%. At December 31, 2010, the interest rates
on participants loans ranged from 4.25% 9.25%. Participant loans are measured at the
unpaid principal balance plus any
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6
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
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accrued unpaid interest. The outstanding balance of loans to participants was $396,421
and $368,123 as of December 31, 2010 and 2009, 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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(h)
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Transfers From Other Plans
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In 2010, the Plan received assets of $704,550 from the Rubgy Building Products, Inc.
Thrift Plan for the Production & Warehouse Workers and Truck Drivers Teamster Plan when
that plan was closed and merged into the Plan.
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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 and Income Recognition
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Investments are reported at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. See note 3 for discussion of fair value
measurements.
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Purchases and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net
appreciation includes the plans gains and losses on investments bought and sold as well
as held during the year.
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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
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7
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
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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
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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(e)
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New Accounting Pronouncements
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In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting
Standards Update (ASU) No. 2010-06, Improving Disclosures about Fair Value Measurements
(Topic 820) Fair Value Measurements and Disclosures (ASU 2010-06). This update
requires: (a) separate disclosures for significant transfers between Level 1 and Level 2
and the reasons for the transfers; (b) separate disclosure of purchases, sales,
issuances, and settlements in the reconciliation of activity within Level 3; (c) the use
of judgment in determining the appropriate classes of assets and liabilities; and (d) a
description of the valuation techniques and inputs used to measure fair value for both
recurring and nonrecurring fair value measurements. ASU 2010-06 is effective for interim
and annual reporting periods beginning after December 15, 2009, except for the
disclosures about purchases, sales, issuances, and settlements in the rollforward of
activity in Level 3 fair value measurements. Those disclosures are effective for fiscal
years beginning after December 15, 2010, and for interim periods within those fiscal
years. The Plan adopted ASU 2010-06 for the year ended December 31, 2010 except for the
provisions that are not effective until the year ended December 31, 2011. The Plan is
currently evaluating the impact of the provisions of ASU 2010-06 that are not effective
until the year ended December 31, 2011 on its financial statements.
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In September 2010, the FASB issued ASU No. 2010-25, Plan Accounting Defined
Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined
Contribution Pension Plans (ASU 2010-25). The objective of this update is to clarify
how loans to participants should be classified and measured by defined contribution
pension benefit plans. ASU 2010-25 should be applied retrospectively to all prior
periods presented, effective for fiscal years ending after December 15, 2010. The Plan
adopted ASU 2010-25 for the year ended December 31, 2010 and applied the guidance
retrospectively as required.
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8
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
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The following presents investments that represent 5% or more of the Plans net assets:
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2010
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2009
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Wells Fargo Stable Value Fund 80*
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$
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13,192,085
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$
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15,569,912
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Eaton Vance Large Cap Value Fund A
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6,856,588
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6,615,803
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Prudential Jennison Growth Fund Z
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6,324,702
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6,212,398
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American Funds EuroPacific Growth Fund A
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4,464,543
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4,216,392
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American Balanced Fund
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2,653,196
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2,675,201
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Columbia Mid Cap Value A
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2,396,616
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2,581,111
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*
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At contract value (See note 2)
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9
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
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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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2010
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2009
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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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332,186
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$
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404,069
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Prudential Jennison Growth Fund Z
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654,625
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1,915,124
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Crane Company Stock
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650,508
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998,446
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Huttig Company Stock
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388,112
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651,534
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Prudential Dryden Stock Index Fund I
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246,638
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386,296
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American Funds EuroPacific Growth Fund A
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316,548
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1,141,602
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Goldman Sachs Balanced A Fund
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36,725
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37,548
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Federated Clover Small Value A
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73,330
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Columbia Mid Cap Value A
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533,755
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611,487
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T Rowe Price Mid-Cap Growth R
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488,420
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2,536
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Lord Abbett Small Cap Value A Fund
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148,454
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272,612
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Lord Abbett Developing Growth A
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82,694
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Eaton Vance Large Cap Value Fund A
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543,587
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813,562
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Templeton Global Bond Fund
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60
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American Balanced Fund
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265,412
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400,986
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AIM Captial Development A
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(134,498
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)
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675,617
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PIMCO Total Return A
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839
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$
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4,627,395
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$
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8,311,419
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10
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
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 Plans investment in collective trust funds are valued at net asset value as a practical
expedient for fair value. The net asset value is based, on the value of the underlying
investments which are traded on an active market. The Plan does not have any collective
investment funds with unfunded commitments or with any redemption restrictions.
|
|
|
|
Level 3 Fair Value Measurements
|
|
|
|
There were no investments being measured with Level 3 Fair Value Measurements at December 31,
2010.
|
11
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
|
|
|
|
|
|
|
Mearsurements Using:
|
|
|
|
|
|
|
|
Quoted Prices
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
In Active
|
|
|
Significant
|
|
|
Significant
|
|
|
|
|
|
|
|
Markets for
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
Identical Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
December 31, 2010
|
|
Fair Value
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
Mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balanced
|
|
$
|
2,928,103
|
|
|
$
|
2,928,103
|
|
|
$
|
|
|
|
$
|
|
|
Bond
|
|
|
1,216,275
|
|
|
|
1,216,275
|
|
|
|
|
|
|
|
|
|
International
|
|
|
4,464,543
|
|
|
|
4,464,543
|
|
|
|
|
|
|
|
|
|
Large Cap Growth
|
|
|
6,324,702
|
|
|
|
6,324,702
|
|
|
|
|
|
|
|
|
|
Large Cap Balanced
|
|
|
2,023,593
|
|
|
|
2,023,593
|
|
|
|
|
|
|
|
|
|
Large Cap Value
|
|
|
6,856,588
|
|
|
|
6,856,588
|
|
|
|
|
|
|
|
|
|
Mid Cap Growth
|
|
|
2,104,693
|
|
|
|
2,104,693
|
|
|
|
|
|
|
|
|
|
Mid Cap Value
|
|
|
2,396,616
|
|
|
|
2,396,616
|
|
|
|
|
|
|
|
|
|
Small Cap Value
|
|
|
1,444,320
|
|
|
|
1,444,320
|
|
|
|
|
|
|
|
|
|
Small Cap Growth
|
|
|
1,484,786
|
|
|
|
1,484,786
|
|
|
|
|
|
|
|
|
|
Huttig Common Stock
|
|
|
1,938,393
|
|
|
|
1,938,393
|
|
|
|
|
|
|
|
|
|
Crane Common Stock
|
|
|
2,291,460
|
|
|
|
2,291,460
|
|
|
|
|
|
|
|
|
|
Investment contracts
|
|
|
13,482,311
|
|
|
|
|
|
|
|
13,482,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
48,956,383
|
|
|
$
|
35,474,072
|
|
|
$
|
13,482,311
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 contract
|
|
|
15,601,051
|
|
|
|
|
|
|
|
15,601,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,550,220
|
|
|
$
|
31,949,169
|
|
|
$
|
15,601,051
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
13
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
|
|
underlying securities. Variables impacting future crediting
rates include current yield and duration of the 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, 2010 and December 31, 2009, the average yield was approximately 3.38% and 3.40%,
respectively and the crediting interest rate was approximately 2.90% and 3.32%, respectively.
|
(4)
|
|
Nonparticipant-Directed Investments
|
|
|
|
The Plan has investments in Huttig Company Stock as of December 31, 2010 and 2009 of
$1,938,393 and $1,581,379, respectively. In 2010 and 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.
|
|
|
|
As of December 31, 2010 and 2009, the Plan held approximately 2,040,413 and 2,108,505 shares,
respectively, of Company common stock. Total outstanding Company common stock as of December
31, 2010, was approximately 24 million shares.
|
|
|
|
During the year ended December 31, 2010, the Plan had the following transactions
involving Company common stock:
|
|
|
|
|
|
Shares purchased
|
|
|
265,389
|
|
Shares sold
|
|
|
330,253
|
|
Cost of shares purchased
|
|
$
|
296,539
|
|
Cost of shares sold
|
|
$
|
819,261
|
|
Net proceeds from shares sold
|
|
$
|
327,637
|
|
(5)
|
|
Tax Status
|
|
|
|
The Plan Administrator has concluded that as of December 31, 2010, there are no uncertain
positions taken or expected to be taken that would require recognition of a liability or
disclosure in the financial statements. The Plan is subject to routine audits by taxing
jurisdictions; however, there are currently no audits for any tax periods in progress. The
Plan Administrator believes the Plan is no longer subject to examination for the years prior
to 2007.
|
|
|
|
The IRS has determined and informed the Company by a letter dated June 20, 2002 that the Plan
is established in accordance with applicable sections of the Internal Revenue Code (the
Code), and therefore, the Plan qualifies as tax-exempt under Section 401(a) of the Code.
|
14
HUTTIG BUILDING PRODUCTS, INC.
SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2010 and 2009
(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 Party Transactions
|
|
|
|
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 defined by the Plan and, therefore,
these transactions qualify as party-in-interest transactions. These party-in-interest
transactions are allowable under ERISA regulations.
|
|
(8)
|
|
Risks and Uncertainties
|
|
|
|
The Plan invests in various investment securities. Investment securities are exposed to
various risks such as interest rate, market, and credit risks. Due to the level of risk
associated with certain investment securities, it is at least reasonably possible that changes
in the values of investment securities will occur in the near term and that such changes could
materially affect participants account balances and the amounts reported in the statement of
net assets available for benefits.
|
15
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, 2010
|
|
|
|
|
|
|
Current
|
|
|
|
value
|
|
Wells Fargo Stable Value Fund 80
|
|
$
|
13,482,311
|
|
Eaton Vance Large Cap Value Fund A
|
|
|
6,856,588
|
|
Prudential Jennison Growth Fund Z*
|
|
|
6,324,702
|
|
American Funds EuroPacific Growth Fund A
|
|
|
4,464,543
|
|
American Balanced Fund
|
|
|
2,653,196
|
|
Columbia Mid Cap Value A
|
|
|
2,396,616
|
|
Crane Company Stock
|
|
|
2,291,460
|
|
T Rowe Price Mid Cap Growth R
|
|
|
2,104,693
|
|
Prudential Dryden Stock Index Fund I*
|
|
|
2,023,593
|
|
Huttig Company Stock*
|
|
|
1,938,393
|
|
Lord Abbett Small Cap Value A Fund
|
|
|
1,484,786
|
|
Federated Clover Small Value A
|
|
|
1,444,320
|
|
PIMCO Total Return A
|
|
|
1,207,125
|
|
Goldman Sachs Balanced A Fund
|
|
|
274,907
|
|
Notes receivable participants 4.25% to 9.25%*
|
|
|
396,421
|
|
Templeton Global Bond Fund
|
|
|
9,150
|
|
Total Investments
|
|
$
|
49,352,804
|
|
|
|
|
*
|
|
Represents a party-in-interest investment allowable under ERISA regulations.
|
See
accompanying report of independent registered public accounting firm.
16
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 28, 2011
|
By:
|
/s/ Philip W. Keipp
|
|
|
|
Name:
|
Philip W. Keipp
|
|
|
|
Title:
|
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
EXHIBIT INDEX
|
|
|
|
|
Exhibit No.
|
|
Description
|
23
|
|
|
|
Consent of Brown Smith Wallace, L.L.C., independent registered public accounting firm.
|
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