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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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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, 2000.
Commission file number: 1-4188
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Newell Rubbermaid Inc.
29 East Stephenson Street
Newell Center
Freeport, Illinois 61032
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REQUIRED INFORMATION
Financial Statements. The following financial statements and schedules are filed
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as part of this annual report and appear immediately after the signature page
hereof:
1. Report of Independent Public Accountants
2. Statements of Net Assets Available for Plan Benefits
3. Statement of Changes in Net Assets Available for Plan Benefits
4. Notes to Financial Statements
Exhibits. The following exhibit is filed as a part of this annual report:
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Exhibit 23: Consent of Arthur Andersen, LLP
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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Plan has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Dated: June 28, 2001 /s/ Tom Nohl
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Tom Nohl
Vice President, Compensation and Benefits
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RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2000 AND 1999
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
Financial Statements
December 31, 2000 and 1999
Table of Contents
Report of Independent Public Accountants
Financial Statements
Statements of Net Assets Available for Plan Benefits as of December 31,
2000 and 1999
Statement of Changes in Net Assets Available for Plan Benefits for the Year
Ended December 31, 2000
Notes to Financial Statements
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of Rubbermaid
Retirement Plan for Collectively-Bargained Associates:
We have audited the accompanying statements of net assets available for plan
benefits of the Rubbermaid Retirement Plan for Collectively-Bargained Associates
(the "Plan") as of December 31, 2000 and 1999, and the related statement of
changes in net assets available for plan benefits for the year ended December
31, 2000. 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 auditing standards generally accepted
in the 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. 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 plan benefits of the Plan as
of December 31, 2000 and 1999, and the changes in its net assets available for
plan benefits for the year ended December 31, 2000, in conformity with
accounting principles generally accepted in the United States.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin
June 22, 2001
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RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
Statements of Net Assets Available for Plan Benefits
As of December 31, 2000 and 1999
2000 1999
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Assets:
Investment in Newell Rubbermaid Master Trust $107,122,012 $161,718,234
Receivables:
Employer Contribution 3,784,018 1,862,746
Participant Contributions 802,051 -
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Net Assets Available for Plan Benefits $111,708,081 $163,580,980
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The accompanying notes to financial statements are an integral part of these
statements.
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RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 2000
Additions to Assets Attributed to:
Contributions-
Employer Contributions $3,784,018
Participant Contributions 1,261,801
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Total Additions 5,045,819
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Deductions from Assets Attributed to:
Benefits Paid to Participants 52,114,223
Net Investment Loss from Newell Rubbermaid Master Trust 4,737,494
Administrative Expenses 67,001
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Total Deductions 56,918,718
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Net Decrease (51,872,899)
Net Assets Available for Plan Benefits:
Beginning of Year 163,580,980
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End of Year $111,708,081
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The accompanying notes to financial statements are an integral part of this
statement.
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RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
Notes to Financial Statements
December 31, 2000 and 1999
(1) DESCRIPTION OF THE PLAN-
The following brief description of the Rubbermaid Retirement Plan for
Collectively-Bargained Associates (the "Plan"), is provided for general
information purposes only. More complete information regarding the Plan's
provisions may be found in the Plan document.
(a) GENERAL-
The Plan is a defined contribution profit sharing plan with a 401(k)
feature covering collectively-bargained associates located at the
Wooster, Ohio facility of Newell Rubbermaid, Inc. (the "Company").
Participation in the Plan begins upon completion of 1,000 hours of
service with the Company within a 12-month period. The Plan is subject
to the provisions of the Employee Retirement Income Security Act of
1974 (ERISA).
(b) CONTRIBUTIONS-
Annually, the Company contributes to the Plan an amount equal to 18%
and 6% of the eligible compensation paid to its employees during 2000
and 1999, respectively. A participant must be employed by the Company
at the end of the Plan year or complete at least 1,000 hours during the
Plan year in order to be eligible to receive a Company contribution,
subject to limited exceptions. Employees may elect to receive 25% of
the Company contributions as a cash bonus payment or have that amount
contributed to the Plan as employee contributions.
(c) PARTICIPANT ACCOUNTS-
Separate accounts are maintained for each participant. Contributions
are invested, as instructed by the participants, in one or more of the
available investment funds. Each participant's account is credited with
contributions, if any, and earnings.
(d) VESTING-
Participants are 100% vested in the portion of their accounts
attributable to 401(k) contributions (plus earnings). Vesting in the
remainder of their accounts is based upon a seven-year graduated
vesting schedule. A participant becomes 100% vested after completing
seven years of vesting service. Upon death, disability or attainment of
age 65, participants become 100% vested. Forfeitures are reallocated
among the accounts of eligible participants. The Plan allocated
forfeitures of $226,518 to eligible participants from forfeitures
during 2000.
(e) INVESTMENTS-
All investments are participant-directed, and participants may elect to
invest their account in the Plan in one or more of the eleven
investment funds held by the Plan. Currently, the available investment
funds include:
STABLE VALUE FUND - Seeks to provide for preservation of capital and
stability of investment returns through investments in high quality
investment contracts with insurance companies, banks or other financial
institutions.
FIDELITY PURITAN FUND - Seeks as much income as possible, consistent
with preservation of capital, by investing in a broadly diversified
portfolio of domestic and foreign common stocks, preferred stocks and
bonds, including lower quality, high yield debt securities.
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SPARTAN U.S. EQUITY INDEX FUND - Seeks investment results that try to
duplicate the composition and total return of the S&P 500 and in other
securities that are based on the value of the Index.
FIDELITY CONTRAFUND - Seeks long-term capital appreciation by investing
mainly in the securities of companies believed to be out of favor or
undervalued.
FIDELITY MAGELLAN FUND - Seeks long-term capital appreciation by
investing in the stocks of both well known and lesser known companies
with above average growth potential and a correspondingly higher level
of risk.
FIDELITY SMALL-CAP SELECTOR - Seeks capital appreciation by investing
primarily in companies that have market capitalizations of $750 million
or less at the time of the Fund's investment.
FIDELITY DIVERSIFIED INTERNATIONAL FUND - Seeks capital growth by
investing primarily in equity securities of companies located anywhere
outside the U.S. that are included in the Morgan Stanley EAFE Index.
NEWELL RUBBERMAID INC. STOCK FUND - Invests primarily in Newell
Rubbermaid Inc. common stock.
FIDELITY U.S. BOND INDEX FUND - Seeks to provide investment results
that correspond to the aggregate price and investment performance of
the debt securities in the Lehman Brothers Aggregate Bond Index.
INVESCO DYNAMICS FUND - Seeks long-term capital growth by investing in
domestic common stocks of companies traded on U.S. securities exchanges
as well as on the over-the-counter (OTC) market.
FIDELITY EQUITY-INCOME FUND - Seeks to provide moderate income while
offering the potential for capital appreciation through investments in
income-producing stocks.
(f) PAYMENT OF BENEFITS-
A participant is eligible to receive a distribution upon termination of
employment, in either a lump-sum cash payment equal to the value of his
or her vested account or periodic payments in such amounts as elected
by the participant (subject to provisions of the Plan).
(g) PARTICIPANT LOANS-
Loans of up to 50% of the vested portion of the participant's
individual account may be obtained by qualified participants. The
maximum loan permissible is generally the lesser of $50,000 or one-half
of the participant's vested balance. Loans are repayable through
payroll deductions over periods ranging up to 60 months. The interest
rate is determined based on prevailing market conditions. Interest
rates on loans outstanding at December 31, 2000 ranged from 9.25% to
10.50%.
(2) SIGNIFICANT ACCOUNTING POLICIES-
(a) BASIS OF PRESENTATION-
The accompanying financial statements have been prepared on the accrual
basis of accounting.
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(b) INVESTMENT VALUATION-
The Plan's investments are stated at fair value except for fully
benefit-responsive guaranteed principal and interest contracts included
in the Stable Value Fund, which are stated at contract value. Purchases
and sales of securities are recorded on a trade date basis.
(c) PAYMENT OF BENEFITS-
Benefits are recorded when paid.
(d) ADMINISTRATIVE EXPENSES-
All normal costs and expenses of administering the Plan and Trust are
paid by Plan participants. Any cost resulting from a participant
obtaining a loan or requesting a distribution or in-service withdrawal
may be borne by such participant or charged to the participant's
individual account.
(e) USE OF ESTIMATES-
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities
and changes therein, and disclosure of contingent assets and
liabilities. Actual results could differ from these estimates.
(3) MASTER TRUST FINANCIAL INFORMATION-
Prior to October 1, 2000, investments of the Plan were commingled with the
investments of the Rubbermaid Retirement Plan, for investment purposes
only. Collectively, such funds comprised the Rubbermaid Master Trust with
Fidelity Management Trust Company as the trustee. On October 1, 2000, the
Rubbermaid Retirement Plan merged with the Newell Long-Term Savings and
Investment Plan ("the Newell Plan"). Of the assets transferred, plan assets
of the Rubbermaid Retirement Plan of $187,022,012 were transferred from the
Rubbermaid Master Trust to the trustee of the Newell Plan, J.P.
Morgan/American Century, and assets of $132,211,951 remained in the
Rubbermaid Master Trust and became assets of the Newell Plan. The Newell
Plan transferred additional assets of $40,544,433 to the Rubbermaid Master
Trust. Effective October 1, 2000, the Rubbermaid Master Trust was renamed
the Newell Rubbermaid Master Trust ("the Master Trust") and the Newell
Long-Term Savings and Investment Plan was renamed the Newell Rubbermaid
401(k) Savings Plan. Allocation of the Master Trust investments and income
among plans is determined on the basis of the value of the participant
accounts attributed to each plan.
The Master Trust fund assets at December 31 are as follows:
ASSETS 2000 1999
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Newell Rubbermaid Inc. Stock Fund * $ 2,041,585 $ 12,115,255
Mutual Funds 64,348,921 272,481,883
Stable Value Fund 198,828,621 224,231,031
Loans to Participants 1,117,273 9,728,457
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Total Assets $266,336,400 $518,556,626
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*Represents a party-in-interest.
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2000 1999
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Amount Percent Amount Percent
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Newell Rubbermaid 401(k) Savings Plan $159,214,388 59.8% $ -
-
Rubbermaid Retirement Plan - - 356,838,392 68.8%
Rubbermaid Retirement Plan for
Collectively-Bargained Associates 107,122,012 40.2 161,718,234 31.2
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Total Assets $266,336,400 100.0% $518,556,626 100.0%
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The Master Trust is invested in a Stable Value Fund that invests primarily
in guaranteed investment contracts ("GIC"), separate account portfolios
("SAP") and synthetic guaranteed investment contracts ("SYN"). The
crediting interest rate for the fund was 6.20% and 6.10% as of December 31,
2000 and 1999, respectively. The fund's blended rate of return for the year
was 6.31% and 6.13% in 2000 and 1999, respectively.
The crediting rates for SAP and SYN contracts are reset periodically and
are based on the market value of the underlying portfolio of assets backing
these contracts. Inputs used to determine the crediting rate include each
contract's portfolio market value, current yield-to-maturity, duration
(i.e., weighted average life), and market value relative to contract value.
All contracts have a guaranteed rate of 0% or higher.
The contract values and fair values of investment contracts included in the
Stable Value Fund as of December 31, 2000 and 1999 are as follows:
Contract Value Fair Value
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2000 1999 2000 1999
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Guaranteed Investment Contracts $ 28,492,631 $ 21,252,179 $ 28,468,618 $ 21,297,592
Synthetic Guaranteed Investment
Contracts 72,587,726 133,491,859 73,376,131 130,432,760
Separate Account Guaranteed
Investment Contracts 56,990,907 57,971,897 57,636,576 56,442,510
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$158,071,264 $212,715,935 $159,481,325 $208,172,862
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Included in the fair value of synthetic guaranteed investment contracts as
of December 31, 2000 and 1999 are $0 and $(3,000,063), respectively,
related to wrapper contracts which guarantee the contract value of the
synthetic guaranteed investment contracts for participant-initiated
withdrawal events.
Master Trust income and its allocation to the participating plans for the
year ended December 31, 2000 is as follows:
Interest and Dividends $17,598,436
Realized Losses, Net (5,100,579)
Unrealized Depreciation in the Fair Value of Investments by
Type:
Stock Funds (87,830)
Mutual Funds (7,673,791)
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Total Unrealized Depreciation (7,761,621)
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Total Master Trust Income $4,736,236
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MASTER TRUST INCOME
Newell Rubbermaid 401(k) Savings Plan $2,494,410
Rubbermaid Retirement Plan (Prior to October 1, 2000) 6,979,320
Rubbermaid Retirement Plan for Collectively-
Bargained Associates (4,737,494)
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Total Master Trust Income $4,736,236
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(4) PLAN TERMINATION-
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of Plan
termination, participants will become 100% vested in their accounts, and
the Trustee shall distribute the assets in accordance with the terms of the
Plan and the trust agreement.
(5) TAX STATUS-
The Internal Revenue Service has determined and informed the Company by
letter dated November 20, 1996, that the Plan and related trust are
designed in accordance with applicable sections of the Internal Revenue
Code (IRC). Therefore, no provision for income taxes has been included in
the Plan's financial statements. The Plan was amended effective January 1,
1997. The plan administrator and the Plan's tax counsel do not believe that
these amendments will have any negative impact on compliance with the
applicable requirements of the IRC.