e11vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2010
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 0-22462
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Full title of the plan and the address of the plan, if different from that of the issuer
named below: |
GIBRALTAR 401(k) 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: |
GIBRALTAR INDUSTRIES, INC.
3556 Lake Shore Road
P.O. Box 2028
Buffalo, New York 14219-0228
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.
GIBRALTAR 401(k) PLAN
(Name of Plan)
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| Date: June 20, 2011 |
/s/ Timothy J. Heasley
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Member, Gibraltar 401(k) Plan Committee |
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Gibraltar 401(k) Plan
Gibraltar 401(k) Plan
Financial Statements and
Supplemental Schedule
December 31, 2010 and 2009
Gibraltar 401(k) Plan
Index
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Page(s) |
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1 |
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Financial Statements |
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2 |
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3 |
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4-12 |
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Supplemental Schedule |
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13 |
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Exhibit |
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Exhibit 23.1 — Consent of Independent Registered Public Accounting Firm |
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14 |
| EX-23.1 |
Report of Independent Registered Public Accounting Firm
To the Participants and Plan Administrator of the Gibraltar 401(k) Plan
We have audited the accompanying statements of net assets available for benefits of the Gibraltar
401(k) 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 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 auditing standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of material
misstatement. 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 Gibraltar 401(k) Plan as of December 31, 2010
and 2009, and the changes in 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 performed for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of Schedule H, Line 4i — Schedule of Assets (Held at
End of Year) as of December 31, 2010 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 Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the
Plan’s management. This supplemental schedule has been subjected to the auditing procedures
applied in the audit of the basic financial statements for the year ended December 31, 2010 and, in
our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ FREED MAXICK & BATTAGLIA, CPAs, P.C.
Buffalo, New York
June 20, 2011
Gibraltar 401(k) Plan
Statements of Net Assets Available for Benefits
December 31, 2010 and 2009
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December 31, |
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2010 |
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2009 |
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Assets |
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Investments at fair value: |
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Shares of registered investment companies |
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$ |
57,741,690 |
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$ |
56,882,829 |
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Common collective trusts |
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2,529,174 |
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3,254,029 |
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Employer securities |
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1,519,847 |
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2,018,586 |
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Cash equivalents |
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11,520,263 |
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13,090,950 |
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73,310,974 |
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75,246,394 |
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Receivables: |
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Notes receivable from participants |
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3,426,635 |
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3,750,781 |
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Employer contributions receivable |
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367,998 |
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386,539 |
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3,794,633 |
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4,137,320 |
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Net assets available for benefits at fair value |
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77,105,607 |
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79,383,714 |
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Adjustment from fair value to contract value
for interest in collective trusts relating to
fully benefit-responsive investment contract |
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(20,565 |
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51,768 |
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Net assets available for benefits |
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$ |
77,085,042 |
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$ |
79,435,482 |
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The accompanying notes are an integral part of these financial statements.
2
Gibraltar 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
For the Years Ended December 31, 2010 and 2009
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Year Ended December 31, |
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2010 |
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2009 |
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Additions: |
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Participant contributions |
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$ |
3,445,839 |
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$ |
4,398,280 |
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Employer contributions |
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1,215,841 |
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1,640,603 |
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Net appreciation in fair value of investments |
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6,801,792 |
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11,782,228 |
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Interest and dividends |
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1,317,860 |
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1,471,342 |
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Total additions |
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12,781,332 |
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19,292,453 |
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Deductions: |
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Benefits paid to participants |
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(15,101,048 |
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(11,598,737 |
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Plan expenses |
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(30,724 |
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(32,066 |
) |
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Total deductions |
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(15,131,772 |
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(11,630,803 |
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(Decrease) increase in net assets available for benefits,
prior to mergers |
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(2,350,440 |
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7,661,650 |
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Transfer of net assets available for benefits from mergers |
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— |
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1,723,586 |
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Net (decrease) increase |
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(2,350,440 |
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9,385,236 |
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Net assets available for benefits: |
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Beginning of year |
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79,435,482 |
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70,050,246 |
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End of year |
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$ |
77,085,042 |
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$ |
79,435,482 |
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The accompanying notes are an integral part of these financial statements.
3
Gibraltar 401(k) Plan
Notes to Financial Statements
1. DESCRIPTION OF PLAN
The following is a brief description of the Gibraltar 401(k) Plan (the Plan) and is provided for
general information purposes only. The Gibraltar 401(k) Plan was amended and restated effective as
of January 1, 2010. Participants should refer to the Plan Document and Summary Plan Description
for more complete information.
General
The Plan is a defined contribution plan as permitted under Section 401(k) of the Internal Revenue
Code. The Plan is sponsored by Gibraltar Steel Corporation of New York (the Company), a subsidiary
of Gibraltar Industries, Inc., for the benefit of eligible employees of the Company and its
subsidiaries. The Company is the Plan Administrator, through the Gibraltar 401(k) Plan Committee.
The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended.
Eligibility
All employees of the Company, and those affiliates of the Company which have adopted the Gibraltar
401(k) Plan, are eligible to participate in the Plan following the completion of six months of
participation service, except for those employees covered under collective bargaining agreements
who are not eligible for participation in the Plan.
Plan Mergers
Effective January 1, 2009, the Florence Corporation 401(k) Plan was merged into the Plan. As a
result of this merger, net assets with a fair market value of $1,723,586 were transferred into the
Plan on January 2, 2009.
Participant Contributions
Participants may contribute up to 100% of their annual compensation (except for highly compensated
employees), not to exceed the ceiling imposed by the Internal Revenue Service of $16,500 for 2010
and 2009, as prescribed by the Plan Agreement. If a participant is age 50 or over, the ceiling
increased to $22,000 for 2010 and 2009.
Employer Contribution
Effective January 1, 2009, the Plan was amended for the Company to increase its match to 100% of
the first 3% of the participants’ elective deferrals and 50% of the following 2% of the
participants’ elective deferrals at the time of salary reduction. The Plan was amended to suspend
employer contributions matching participants’ elective deferrals effective April 18, 2009. On
August 18, 2010, the Company’s Board of Directors adopted a resolution to reinstate its matching
contribution to the levels described above effective the first pay date following September 1,
2010.
4
Gibraltar 401(k) Plan
Notes to Financial Statements
Administration
On October 1, 2004, the Plan’s Administrator named Fidelity Management Trust Company as Plan
Trustee and record keeper. Fidelity Management Trust Company also served as the custodian of the
Plan’s assets for the years ended December 31, 2010 and 2009. The Administrator of the Plan may
specify whether the investments of the Trust Fund shall be managed in whole or in part by the
Trustee, one or more investment managers, the Administrator, or the participants as provided for by
the Trust Agreement.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right to terminate, amend,
or modify the Plan at any time subject to the provisions of ERISA.
Participant Accounts
Separate accounts are maintained for each plan participant. Each participant’s account is credited
with the participant’s contribution and an allocation of the Company’s contribution and Plan
earnings and charged with an allocation of administrative expenses. Allocations are based on
participant earnings or account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant’s vested account.
Vesting and Forfeitures
Salary reduction contributions and the earnings thereon are at all times fully vested and
non-forfeitable. All active participants are 100% vested in employer contributions.
Benefit Payments
Upon retirement, termination of employment, death or disability, participants or their
beneficiaries may elect to receive their account balances in a single sum.
Notes Receivable from Participants
Participants may borrow against their vested account balance subject to the provisions specified in
the Plan agreement. Notes receivable shall not exceed five years, except for a maximum of ten
years for the purchase of a primary residence. The notes receivable are secured by the vested
balance in the participant’s account and bear interest at the prime rate plus 1%. Principal and
interest are required to be repaid in equal installments over the term of the receivable. Notes
receivable from participants are valued at their unpaid principal balance plus any accrued but
unpaid interest at December 31, 2010 and 2009. Delinquent participant loans are reclassified as
distributions based upon the terms of the plan document.
Plan Expenses
All of the costs of administration of the Plan and Trust are paid by the Company or the Plan.
Brokerage commissions and similar costs of acquiring or selling securities (if any) that are
incurred by the investment funds are borne by the participant. Loan origination fees and annual
maintenance fees for each loan are also borne by the participant.
5
Gibraltar 401(k) Plan
Notes to Financial Statements
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.
Investment contracts held by a defined-contribution plan are required to be reported at fair value.
However, contract value is the relevant measurement attribute for that portion of the net assets
available for benefits of a defined-contribution plan attributable to fully benefit-responsive
investment contracts because contract value is the amount participants would receive if they were
to initiate permitted transactions under the terms of the plan. The Plan invests in investment
contracts through two collective trusts. As a result, the Statements of Net Assets Available for
Benefits present the fair value of the investments in collective trusts as well as the adjustment
of the investment in the collective trusts from fair value to contract value relating to the fully
benefit-responsive investment contracts. The Statements of Changes in Net Assets Available for
Benefits are prepared on a contract value basis.
Risks and Uncertainties
The Plan provides for various investment options. Investment securities are exposed to various
risks, such as interest, 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 statements of net assets available
for benefits.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and changes therein 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.
Investments and Income Recognition
Participants direct the investment of their contributions into various investment options offered
by the Plan. Participants may change their investment allocation on a daily basis.
The Plan’s 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 the fair value measurements
used to value the Plan’s investments.
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
(depreciation) included the Plan’s gains and losses on investments bought and sold as well as held
during the year.
6
Gibraltar 401(k) Plan
Notes to Financial Statements
The net appreciation (depreciation) in fair value of investments presented in the statements of
changes in net assets available for benefits consists of the realized losses or gains and the
unrealized appreciation or depreciation on those investments. During 2010 and 2009, the Plan’s
investments appreciated or (depreciated) in fair value as determined by quoted market prices as
follows:
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Year Ended December 31, |
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2010 |
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2009 |
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Shares of registered investment companies |
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$ |
7,060,839 |
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$ |
11,223,772 |
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Common collective trusts |
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6,103 |
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15,795 |
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Employer securities |
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(265,150 |
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542,661 |
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Total |
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$ |
6,801,792 |
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$ |
11,782,228 |
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The fair values of individual investments that represent 5% or more of the Plan’s net assets are as
follows:
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2010 |
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2009 |
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Fidelity Contrafund |
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$ |
11,470,988 |
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$ |
4,960,603 |
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Fidelity Retirement Money Market |
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10,607,057 |
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12,267,581 |
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Harbor International Fund |
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4,846,646 |
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* — |
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Pimco Total Return Fund Institutional Class |
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4,382,942 |
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4,458,248 |
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Loomis Sayles Small Cap Value Fund Class I |
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4,263,059 |
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4,092,766 |
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Munder Mid-Cap Core Growth Fund Class Y |
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3,946,476 |
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* 3,825,520 |
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Fidelity Freedom Fund 2020 |
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3,892,074 |
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* 3,770,214 |
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Fidelity Capital Appreciation Fund |
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* — |
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6,726,116 |
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Fidelity Diversified International Fund |
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* — |
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5,370,302 |
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Presented for comparative purposes only |
Benefits
Benefits are recorded when paid.
7
Gibraltar 401(k) Plan
Notes to Financial Statements
Recently Issued Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update
(Update) 2010-06, “Improving Disclosures About Fair Value Measurements.” Topic 820 of the
Accounting Standards Codification (ASC) requires new disclosures about transfers into and out of
Levels 1 and 2 of the fair value hierarchy and separate disclosures about purchases, sales,
issuances and settlements relating to Level 3 measurements. It also clarifies existing fair value
disclosures about the level of disaggregation and about inputs and valuation techniques used to
measure fair value. The new disclosures and clarifications of existing disclosures are effective
for interim and annual reporting periods beginning after December 15, 2009, except for the
disclosures about purchases, sales, issuances and settlements in the roll forward of activity in
Level 3 fair value measurements. Those disclosures are effective for periods beginning after
December 15, 2010. Disclosures required under Updated 2010-06 are included in the notes to the
Plan’s financial statements for the years ended December 31, 2010 and 2009, except for the
disclosures related to Level 3 fair value measurements, which will be included in the notes to the
Plan’s financial statements effective January 1, 2011. Other than requiring additional
disclosures, the adoption of this new guidance did not have a material impact on the Plan’s
financial statements.
In September 2010, the FASB issued Update 2010-25, “Reporting Loans to Participants by Defined
Contribution Pension Plans”. This Update requires participant loans to be classified as notes
receivable from participants, which are segregated from plan investments and measured at their
unpaid principal balance plus any accrued but unpaid interest. The guidance is effective for
annual periods ending after December 15, 2010 with early adoption permitted. The guidance should
be applied retrospectively to all periods presented. The Plan adopted this guidance as of December
31, 2010 and reclassified participant loans from plan investments to a component of receivables for
both periods presented in the Statements of Net Assets Available for Benefits. Other than the
reclassification requirements, the adoption of this standard did not have a material impact on the
Plan’s financial statements.
Reclassification
Participant loans previously reported as a component of investments have been reclassified to a component of receivables in order to conform to the current year presentation.
8
Gibraltar 401(k) Plan
Notes to Financial Statements
3. FAIR VALUE MEASUREMENTS
FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value and establishes a
valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This
hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted
prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are
quoted prices to similar assets and liabilities in active markets or inputs that are observable for
the asset or liability, either directly or indirectly through market corroboration, for
substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs
based on our own assumptions used to measure assets and liabilities at fair value. A financial
asset or liability’s classification within the hierarchy is determined based on the lowest level
input that is significant to the fair value measurement. Valuation techniques used need to
maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a
description of the valuation techniques used for assets measured at fair value. There have been no
changes in the methodologies used at December 31, 2010 and 2009.
Shares of Registered Investment Companies
These investments are valued at the net asset value of shares held by the registered investment
companies at year-end. The investments are measured at fair value using quoted prices for
identical assets, which are readily available Level 1 inputs.
Common Collective Trusts
These investments are comprised of fully benefit-responsive investment contracts valued based on
the net asset value (NAV) of units held by the Plan at year-end. Although the common collective
trusts are not available in an active market, the NAV of the units are approximated based on the
quoted prices of the underlying investments that are traded in an active market. As a result, the
inputs used to determine the fair value of the common collective trusts are classified as Level 2
inputs.
The common collective trusts have no unfunded commitments related to any of these investments, nor
any significant restrictions on redemptions. Participant-directed redemptions can be made on any
business day and do not have a redemption notice period. Certain events, such as a change in law,
regulation, administrative ruling, or employer-initiated termination of the Plan, may limit the
ability of the Plan to transact the common collective trust funds at contract value with the
issuer. The Plan’s management does not believe that the occurrence of any such events is probable.
Employer Securities
These investments consist of a fund composed of employer securities valued at the closing price
reported on the active market on which the individual securities are traded. As a result, the
value of the investment is based on Level 1 inputs.
9
Gibraltar 401(k) Plan
Notes to Financial Statements
Cash Equivalents
These investments are primarily composed of money market funds. Money market funds are public
investment vehicles valued using $1 for the net asset value and are classified within Level 2 of
the valuation hierarchy using the income approach.
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. Furthermore, 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 provides the assets carried at fair value measured on a recurring basis as of
December 31, 2010:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Shares of registered
investment companies: |
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Large Cap |
|
$ |
17,781,600 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
17,781,600 |
|
Mid Cap |
|
|
6,866,585 |
|
|
|
— |
|
|
|
— |
|
|
|
6,866,585 |
|
Small Cap |
|
|
6,272,266 |
|
|
|
— |
|
|
|
— |
|
|
|
6,272,266 |
|
Bond |
|
|
7,091,786 |
|
|
|
— |
|
|
|
— |
|
|
|
7,091,786 |
|
Blended |
|
|
19,729,453 |
|
|
|
— |
|
|
|
— |
|
|
|
19,729,453 |
|
Common collective trusts |
|
|
— |
|
|
|
2,529,174 |
|
|
|
— |
|
|
|
2,529,174 |
|
Employer securities |
|
|
1,519,847 |
|
|
|
— |
|
|
|
— |
|
|
|
1,519,847 |
|
Cash equivalents |
|
|
— |
|
|
|
11,520,263 |
|
|
|
— |
|
|
|
11,520,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair value |
|
$ |
59,261,537 |
|
|
$ |
14,049,437 |
|
|
$ |
— |
|
|
$ |
73,310,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides the assets carried at fair value measured on a recurring basis as of
December 31, 2009:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Shares of registered
investment companies: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap |
|
$ |
18,066,525 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,066,525 |
|
Mid Cap |
|
|
6,640,786 |
|
|
|
— |
|
|
|
— |
|
|
|
6,640,786 |
|
Small Cap |
|
|
5,953,710 |
|
|
|
— |
|
|
|
— |
|
|
|
5,953,710 |
|
Bond |
|
|
7,188,770 |
|
|
|
— |
|
|
|
— |
|
|
|
7,188,770 |
|
Blended |
|
|
19,033,038 |
|
|
|
— |
|
|
|
— |
|
|
|
19,033,038 |
|
Common collective trust |
|
|
— |
|
|
|
3,254,029 |
|
|
|
— |
|
|
|
3,254,029 |
|
Employer securities |
|
|
2,018,586 |
|
|
|
— |
|
|
|
— |
|
|
|
2,018,586 |
|
Cash equivalents |
|
|
— |
|
|
|
13,090,950 |
|
|
|
— |
|
|
|
13,090,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair value |
|
$ |
58,901,415 |
|
|
$ |
16,344,979 |
|
|
$ |
— |
|
|
$ |
75,246,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
Gibraltar 401(k) Plan
Notes to Financial Statements
4. TAX STATUS
The Plan was amended and restated on December 21, 2006. The Internal Revenue Service (IRS) has
determined and informed the Company by a letter dated October 10, 2007 that the Plan and related
Trust, as amended, were designed in accordance with the Internal Revenue Code (the Code). Although
the Plan has been amended since receiving the determination letter, the Administrator believes that
the Plan has been designed and is currently being operated in compliance with the applicable
requirements of the Code and therefore believes that the Plan is qualified and the related Trust is
tax-exempt.
Accounting principles generally accepted in the United States of America require management to
evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has
taken uncertain tax positions that more likely than not would not be sustained upon examination by
the IRS. The Administrator has analyzed the tax positions taken by the Plan, and has concluded
that as of December 31, 2010, there are no uncertain tax positions taken or expected to be taken
that would require recognition of a liability (or asset) or disclosure in the financial statements.
The Plan is subject to routine audits by the IRS; however, there are currently no audits for any
ax periods in process. The Administrator believes it is no longer subject to income tax
examinations for years prior to 2007.
5. PARTIES IN INTEREST
At December 31, 2010 and 2009, certain Plan investments are shares of registered investment
companies managed by Fidelity Management Trust Company, and therefore these transactions qualify as
party-in-interest transactions. The Plan also allows participants to elect to invest in the common
stock of Gibraltar Industries, Inc. Transactions in such investments qualify as party-in-interest
transactions which are exempt from the prohibited transaction rules. Investment income from
parties-in-interest and interest from participant loans amounted to $4,446,992 and $9,296,926 for
the years ended December 31, 2010 and 2009, respectively. Fees paid by the Plan for loan
processing fees amounted to $30,724 and $32,066 for the years ended December 31, 2010 and 2009,
respectively.
11
Gibraltar 401(k) Plan
Notes to Financial Statements
6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefit per the financial statements
to the Form 5500:
| |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2010 |
|
|
2009 |
|
Net assets available for plan benefits per the financial
statements |
|
$ |
77,085,042 |
|
|
$ |
79,435,482 |
|
| |
Differences in: |
|
|
|
|
|
|
|
|
Investments |
|
|
3,426,635 |
|
|
|
3,750,781 |
|
Notes receivable from participants |
|
|
(3,426,635 |
) |
|
|
(3,750,781 |
) |
| |
Adjustment from fair value to contact value for fully
benefit responsive investment contract |
|
|
20,565 |
|
|
|
(51,768 |
) |
|
|
|
|
|
|
|
| |
Net assets available for plan benefits per the Form 5500 |
|
$ |
77,105,607 |
|
|
$ |
79,383,714 |
|
|
|
|
|
|
|
|
The following is a reconciliation of the net increase or decrease in net assets available for plan
benefits per the financial statements to the Form 5500:
| |
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2010 |
|
|
2009 |
|
Net (decrease) increase in net assets
available for plan benefits per the
financial statements |
|
$ |
(2,350,440 |
) |
|
$ |
9,385,236 |
|
Prior year adjustment from fair value to
contract value for fully benefit
responsive investment contract |
|
|
51,768 |
|
|
|
105,516 |
|
Current year adjustment from fair value to
contract value for fully benefit
responsive investment contract |
|
|
20,565 |
|
|
|
(51,768 |
) |
|
|
|
|
|
|
|
| |
Net (decrease) increase in net assets
available for plan benefits per the Form
5500 |
|
$ |
(2,278,107 |
) |
|
$ |
9,438,984 |
|
|
|
|
|
|
|
|
7. SUBSEQUENT EVENT
On March 10, 2011, the Company divested its United Steel Products subsidiaries (USP). As a result
of this transaction, the Plan was amended to exclude USP as an affiliated company of the Plan.
Therefore, the Company’s former employees from its USP subsidiary were no longer considered
eligible employees included in the Plan as of the date of the transaction, March 10, 2011.
12
Gibraltar 401(k) Plan
EIN 16-0991536
Plan #007
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2010
| |
|
|
|
|
| Identity of Issuer and Description of Investments |
|
Fair Value |
|
American Beacon Small Cap Value Fund Institutional Class |
|
$ |
556,895 |
|
Fidelity Brokerage Link* |
|
|
1,748,203 |
|
Fidelity Contrafund* |
|
|
11,470,988 |
|
Fidelity Freedom Fund 2000* |
|
|
61,771 |
|
Fidelity Freedom Fund 2005* |
|
|
77,147 |
|
Fidelity Freedom Fund 2010* |
|
|
570,881 |
|
Fidelity Freedom Fund 2015* |
|
|
1,035,092 |
|
Fidelity Freedom Fund 2020* |
|
|
3,892,074 |
|
Fidelity Freedom Fund 2025* |
|
|
1,068,382 |
|
Fidelity Freedom Fund 2030* |
|
|
2,011,155 |
|
Fidelity Freedom Fund 2035* |
|
|
823,992 |
|
Fidelity Freedom Fund 2040* |
|
|
745,987 |
|
Fidelity Freedom Fund 2045* |
|
|
128,685 |
|
Fidelity Freedom Fund 2050* |
|
|
128,624 |
|
Fidelity Freedom Income Fund* |
|
|
253,150 |
|
Fidelity Leveraged Company Stock* |
|
|
1,783,648 |
|
Fidelity Retirement Money Market* |
|
|
10,607,057 |
|
Fidelity Spartan 500 Index Fund* |
|
|
3,011,262 |
|
Fidelity Strategic Income Fund* |
|
|
23,201 |
|
Fidelity U.S. Bond Index Fund* |
|
|
2,685,643 |
|
Harbor International Fund |
|
|
4,846,646 |
|
Janus Perkins Mid Cap Value Fund Class T |
|
|
1,136,461 |
|
Loomis Sayles Small Cap Value Fund Class I |
|
|
4,263,059 |
|
Munder Mid-Cap Core Growth Fund Class Y |
|
|
3,946,476 |
|
Neuberger Berman Small Cap Growth Fund Institutional Class |
|
|
1,452,312 |
|
Oakmark Equity and Income Fund |
|
|
2,092,197 |
|
Pimco Total Return Fund Institutional Class |
|
|
4,382,942 |
|
T. Rowe Price Equity Income Fund Advisor Class |
|
|
3,299,350 |
|
Virtus Real Estate Securities Class A |
|
|
1,158,673 |
|
|
|
|
|
Registered Investment Companies and Cash Equivalents Total |
|
|
69,261,953 |
|
| |
Common Collective Trusts: |
|
|
|
|
Fidelity Managed Income Portfolio* |
|
|
2,529,174 |
|
| |
Employer Securities: |
|
|
|
|
Gibraltar Stock* |
|
|
1,519,847 |
|
| |
Notes Receivable from Participants: |
|
|
|
|
Participant Loans (Interest rates are fixed at prime plus
1% and currently range from 4.25% to 11.50%)* |
|
|
3,426,635 |
|
|
|
|
|
|
|
$ |
76,737,609 |
|
|
|
|
|
|
|
|
| * |
|
Indicates Parties in Interest to the Plan. |
13