e11vk
United States Securities and Exchange Commission
Washington, DC 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, 2008
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934 |
Commission file number 001-00815
Savings and Investment Plan
of E. I. du Pont de Nemours and Company
(Full title of Plan)
E. I. du Pont de Nemours and Company
1007 Market Street
Wilmington, Delaware 19898
(Name and address of principal executive office of issuer)
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, E. I. du Pont de Nemours
and Company has duly caused this Annual Report to be signed on its behalf by the undersigned
hereunto duly authorized.
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Savings and Investment Plan
of E. I. du Pont de Nemours and Company |
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Dated: June 29, 2009 |
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/S/ Robert Slone |
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Robert Slone |
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Director of Global Rewards, |
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Policy & Strategy and US Delivery |
Savings and Investment Plan
of E. I. du Pont de Nemours and Company
Index to Financial Statements and Supplemental Schedule
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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 - 19 |
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20 |
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21 |
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* |
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Other supplemental schedules required by Section 2520.103-10 of the Department of Labor Rules
and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974 have been omitted because they are not applicable. |
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
Savings and Investment Plan of E. I. du Pont de Nemours and Company
In our opinion, the accompanying statements of net assets available for benefits and the related
statements of changes in net assets available for benefits present fairly, in all material
respects, the net assets available for benefits of Savings and Investment Plan of E. I. du Pont de
Nemours and Company (the Plan) at December 31, 2008 and 2007, 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. 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 of these statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit 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, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
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) and Schedule of
Delinquent Participant Contributions and Loan Payments are presented for the
purpose of additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of Labors
Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental schedules
are the responsibility of the Plans management. The supplemental schedules have
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/S/ PRICEWATERHOUSECOOPERS LLP
Philadelphia, Pennsylvania
June 29, 2009
1
Savings and Investment Plan of
E. I. du Pont de Nemours and Company
Statements of Net Assets Available for Benefits
December 31, 2008 and 2007
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2008 |
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2007 |
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Assets |
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Investments at fair value: |
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Plan interest in DuPont and Related
Companies |
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Defined Contribution Plan Master Trust |
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$ |
6,817,688,427 |
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$ |
5,703,598,332 |
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Participant-directed Brokerage Account |
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44,912,224 |
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Company stocks |
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465,410,098 |
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796,237,195 |
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Mutual funds |
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267,359,396 |
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2,314,926,065 |
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Common collective trust funds |
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728,263,244 |
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Participant loans |
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83,268,206 |
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98,689,350 |
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Total investments at fair value |
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7,678,638,351 |
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9,641,714,186 |
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Receivables: |
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Accrued interest |
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660,131 |
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Participants contributions |
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9,791,788 |
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11,345,641 |
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Employers contributions |
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12,080,877 |
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4,412,094 |
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Total receivables |
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21,872,665 |
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16,417,866 |
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Cash |
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30,644,147 |
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3,520,592 |
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Total assets |
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7,731,155,163 |
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9,661,652,644 |
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Liabilities |
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Accounts payable |
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89,800 |
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105,900 |
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Net assets available for benefits, at
fair value |
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7,731,065,363 |
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9,661,546,744 |
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Adjustment from fair value to contract
value for interest in
Master Trust relating to fully
benefit-responsive investment
contracts |
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88,185,424 |
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(98,118,719 |
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Net assets available for benefits |
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$ |
7,819,250,787 |
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$ |
9,563,428,025 |
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The accompanying notes are an integral part of these financial statements.
2
Savings and Investment Plan of
E. I. du Pont de Nemours and Company
Statements of Changes in Net Assets Available for Benefits
For the Years Ended December 31, 2008 and 2007
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2008 |
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2007 |
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Additions: |
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Investment income: |
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Net appreciation in fair value of investments |
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$ |
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7,600,972 |
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Interest |
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6,081,113 |
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10,564,476 |
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Dividends |
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45,164,335 |
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224,171,453 |
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Total investment income |
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51,245,448 |
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242,336,901 |
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Net investment gain from interest in DuPont and Related
Companies Defined Contribution Plan Master Trust |
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301,354,240 |
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Contributions: |
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Employers contributions |
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182,388,642 |
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53,345,602 |
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Participants contributions |
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208,244,937 |
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194,918,066 |
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Rollovers |
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1,633,467 |
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2,663,118 |
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Total contributions |
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392,267,046 |
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250,926,786 |
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Total additions |
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443,512,494 |
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794,617,927 |
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Deductions: |
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Net depreciation in fair value of investments |
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784,511,265 |
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Net investment loss from interest in DuPont and Related
Companies Defined Contribution Plan Master Trust |
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489,857,645 |
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Benefits paid to participants |
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961,350,163 |
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981,885,368 |
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Distribution of dividends |
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1,334,649 |
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1,246,964 |
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Administrative expenses (net) |
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2,128,041 |
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573,301 |
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Total deductions |
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2,239,181,763 |
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983,705,633 |
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Asset transfers in |
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54,690,740 |
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Asset transfers out |
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(3,198,709 |
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(2,942,216 |
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Net decrease |
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(1,744,177,238 |
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(192,029,922 |
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Net assets available for benefits: |
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Beginning of period |
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9,563,428,025 |
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9,755,457,947 |
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End of period |
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$ |
7,819,250,787 |
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$ |
9,563,428,025 |
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The accompanying notes are an integral part of these financial statements.
3
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
NOTE 1 DESCRIPTION OF THE PLAN
The following description of the Savings and Investment Plan of E. I. du Pont de Nemours and
Company (the Plan or SIP) provides only general information. Participants should refer to the
Plan document for a more comprehensive description of the Plans provisions.
General
The Plan is a defined contribution plan established by the Board of Directors of E. I. du Pont de
Nemours and Company (DuPont or the Company) effective September 1, 1955. The Plan is a tax
qualified contributory profit sharing Plan subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA) and the Internal Revenue Code. The purpose of the Plan is to
encourage and assist employees in following a systematic savings program suited to their individual
financial objectives, and to provide an opportunity for employees to become stockholders of the
Company.
Effective January 1, 2008, the Company made several changes to the Plan, including a new definition
for eligible compensation, modifications to contributions and loan provisions, new investment
choices, and a new Master Trust Agreement. These changes are explained in more detail in each
respective section below.
Effective at close of day December 31, 2008, the assets of the DuPont Retirement Savings Plan
(DuPont RSP RSP), and ChemFirst Inc. 401(k) Plan (ChemFirst Plan) were merged into the Plan.
At the time of the merger, participants of the DuPont RSP and ChemFirst Plan became part of the
SIP. Also, effective December 31, 2008, DuPont Displays, Inc. (DuPont Displays), and DuPont
Authentication, Inc. (DuPont Authentication), adopted the Plan for its employees. Prior to the
December 31, 2008, DuPont Displays and DuPont Authentication employees were part of the DuPont
401(k) and Profit Sharing Plan (DuPont 401(k)). As part of the change, DuPont Displays and DuPont
Authentication participant investments in the DuPont 401(k) were transferred to the Plan.
Effective January 1, 2009, the Plan name was changed to DuPont Retirement Savings Plan.
Administration
The Plan Administrator is the Benefit Plan Administrative Committee, whose members are appointed by
the Company. The Savings Plan Investment Committee (the Committee), whose members are also
appointed by the Company has responsibility for selecting and overseeing the plan investments. The
Company holds authority to appoint trustees and has designated Merrill Lynch Trust Company of
America (Merrill Lynch)
and Northern Trust Corporation (Northern Trust) as trustees for the Plan. Merrill Lynch also
provides recordkeeping and participant services.
Effective January 28, 2008, the Plan entered into a Master Trust Agreement with Northern Trust to
establish a new DuPont and Related Companies Defined Contribution Plan Master Trust (Master
Trust), which replaced the Master Trust held under Merrill Lynch. The objective of the new Master
Trust is to allow participants from affiliated plans to invest in several custom designed
investment choices through separately managed accounts. DuPont Capital Management Corporation
(DCMC), a registered investment adviser and wholly-owned subsidiary of DuPont, has responsibility
to oversee the investments managers and evaluate funds performances under the Master Trust,
except for the Stable Value Fund, which is managed by DCMC.
4
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
Effective January 28, 2008, the Plans investment elections offered prior to 2008, with the
exception of the Company Stocks and the Stable Value Fund, were closed to new contributions.
Participants were allowed to hold balances in some of the closed funds until April 2009, or
transfer out some or all of the balances at any time, but were not permitted to invest additional
contributions or request a fund transfer into these funds.
When the new investment choices became available, the following funds were liquidated and
re-invested in similar predetermined investment funds in the Master Trust or in accordance with
selections made at the discretion of each participant:
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Blackrock Balanced Capital Fund Class I |
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MFS Total Return Fund Class A |
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Barclays 3-Way Asset Allocation Fund |
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Merrill Lynch Small Capital Index CT Tier 2 |
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Merrill Lynch Equity Index TR Tier 6 |
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Merrill Lynch International Index CT Tier 2 |
The Fidelity Low-Priced Stock Fund and the ConocoPhillips Stock were closed to new investments by
Plan participants during previous years. Plan participants may not invest additional contributions
or request a fund transfer into these funds. However, they may transfer out of these funds at any
time.
Merrill Lynch remained as the trustee for the balances in the closed funds, the Company Stocks, and
a new Participant-directed Brokerage Account.
Eligibility
Effective December 31, 2008, all employees of the Company or the Companys subsidiaries and general
partnerships that have adopted the Plan are eligible to participate in this Plan, except
represented employees in a bargaining unit that has not accepted the terms of this Plan and
individuals who are classified by the Company as leased employees and independent contractors.
Individuals who are receiving severance pay, retainer, or other fees under contract are not
eligible to participate in the Plan. Prior to December 31, 2008, any employee hired after December
31, 2006 was eligible to participate in the DuPont RSP.
Contributions
Eligible employees may participate in the Plan by authorizing the Company to make payroll
deductions (participant savings). Participants may elect to make before-tax or after-tax
contributions of 1% to 100% of eligible compensation, as defined. Effective January 1, 2008,
participants are automatically enrolled in the Plan at a 3% before-tax savings rate, if no action
is taken by the employee within 60 days from the date of hire. Under the automatic enrollment the
participant assets are invested in accordance with a managed account feature offered by Merrill
Lynch, and before-tax contributions are increased 1% annually, up to a
maximum of 6% of pay. The participant may elect not to participate in the plan at any time. All of
the above participants savings and elections are subject to regulatory and Plan limitations.
Beginning January 1, 2008, the Company makes a matching contribution equal to 100% of a
participants savings, up to 6% of eligible compensation. In addition, the Company makes a
contribution (Retirement Savings Contribution) to each eligible employee account each month,
equal to 3% of eligible pay, regardless of the employees contribution election.
5
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
Participants direct the investment of the contributions into various investment options offered by
the Plan. The Plan currently offers 5 passively managed index funds, 7 actively managed
custom-designed funds, 12 target retirement funds, a Company Stock, and a self-directed brokerage
account where participants can choose from approximately 1,300 funds from 70 mutual funds families.
The Plan also contains an Employee Stock Ownership Plan (ESOP) where participants can elect to
have dividends from the DuPont Company Stock paid out to them in cash instead of being reinvested
in their Plan account. For the years ended December 31, 2008 and December 31, 2007, $1,334,649 and
$1,246,964 in dividends were paid to participants in cash, respectively.
Vesting
Participant contributions and Companys matching contributions are fully and immediately vested.
Retirement Savings Contributions are fully vested after any of the following circumstances:
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The participant has completed at least 3 years of service with the Company; |
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The participant reaches age 65 while working for the Company; |
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The participant terminates employment with the Company due to becoming totally disabled
while working for the Company; |
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The participants job with the Company is eliminated; |
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The participants spouse is transferred by the Company to an employment location outside
the immediate geographic area while the participant is working for the Company, and the
participant terminates employment with the Company; |
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The participant dies while actively employed by the Company. |
Participant balances related to company contributions transferred from the ChemFirst Plan, and
profit sharing contributions transferred from the DuPont 401(k) Plan that were not vested at the
time of the merger will continue to vest according to the previous plans vesting schedules.
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.
Participant Accounts
The Plans record-keeper maintains an account in the name of each participant to which each
participants contributions, Companys matching contributions, Retirement Savings Contributions,
and allocations of Plan net earnings, losses and expenses, if any, are recorded. 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 participants vested account.
Payment of Benefits
Participants may request a full distribution of their accounts when they terminate employment with
the Company and all affiliates. However, the Retirement Savings Contributions will be paid only to
the extent
that they are vested in the employees account. On separation from service, a participant also may
elect to receive the value of their account balance in installment payments. Required minimum
distributions will begin in April of the calendar year following the later of the year in which the
participant attains age 701/2 or the year following retirement or termination of employment.
6
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
Participant Loans
Participants may borrow up to one-half of their non-forfeitable account balances subject to a
$1,000 minimum and required regulatory loan maximum limitations. The loans are executed by
promissory notes and have a minimum term of 1 year and a maximum term of 5 years, except for
qualified residential loans, which have a maximum term of 10 years. The rate of interest on loans
are commensurate with the prevailing interest rate charged on similar loans made within the same
locale and time period and remain fixed for the life of the loan. The loans are repaid over the
term in installments of principal and interest by deduction from pay or pension checks or through
ACH account debit. A participant also has the right to repay the loan in full, at any time, without
penalty. At December 31, 2008, loan interest rates ranged from 4.25% to 10%.
Forfeited Accounts
At December 31, 2008 and 2007 forfeited non-vested accounts totaled $98 and $10,650, respectively.
These accounts will be used to reduce future Company contributions or to pay administrative
expenses. For the year ended December 31, 2008, the Plan used $322,411 from forfeited non-vested
accounts to pay for administrative expenses. For the year ended December 31, 2007, employer
contributions were reduced by $14,420 from forfeited non-vested accounts.
Administrative Expenses
Administrative expenses, including, but not limited to, recordkeeping expenses, trustee fees and
transactional costs may be paid by the Plan, at the election of the Plan Administrator. Expenses
paid by the Plan for the years ended December 31, 2008 and December 31, 2007 were $2,128,041 and
$573,301, respectively, net of fee reimbursements. Fidelity Investments reimburse the Plan for
certain expenses associated with administering some of the Plans investments. For the years ended
December 31, 2008 and December 31, 2007, the total fee reimbursements to the Plan were $770,561 and
$1,571,964, respectively. Brokerage fees, transfer taxes, investment fees and other expenses
incidental to the purchase and sale of securities and investments shall be included in the cost of
such securities or investments, or deducted from the sales proceeds, as the case may be.
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared on the accrual basis of accounting.
Investment Valuation and Income Recognition
The Plans investments are stated at fair value. The fair value of a financial instrument is the
amount 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 (the exit price).
Shares of registered investment companies (mutual funds) are valued at the net asset value of
shares held by the Plan at year-end. The Company Stocks are valued at year-end unit closing price
(defined as the year-end market price of common stock plus uninvested cash position). Participant
loans are valued at their outstanding balances, which approximate fair value. Units held in common
collective trusts (CCTs) are valued at the unit value as reported at year-end.
As described in Financial Accounting Standards Board (FASB) Staff Position, FSP AAG INV-1,
Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies
subject to the AICPA Investment Company Audit Guide and Defined Contribution Health and Welfare and
7
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
Pension Plans (the FSP), investment contracts held by a defined contribution plan are required
to be reported at fair value rather than contract value, with an offsetting asset or liability in
the Statement of Net Assets Available for Benefits. This applies even when the contracts are not
held directly by the Plan but are underlying assets in the master trust investments held by the
Plan. As required by the FSP, the Plans interest in the Master Trust related to fully
benefit-responsive contracts are stated at fair value with an adjustment to contract value in the
Statement of Net Assets Available for Benefits. The Statement of Changes in Net Assets Available
for Benefits is prepared on a contract value basis.
Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded
on the accrual basis. Dividend income is recorded on the ex-dividend date. Capital gain
distributions are included in dividend income.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates that affect the financial statements and accompanying notes.
Actual results could differ from those estimates.
Payment of Benefits
Benefits are recorded when paid.
Accounting Standard Issued Not Yet Adopted
In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging
Activities, an amendment of FASB Statement No. 133 (SFAS 161). Effective for fiscal years
beginning after November 15, 2008, the new standard requires enhanced disclosures about derivative
and hedging activities that are intended to better convey the purpose of derivative use and the
risks managed. SFAS 161 will not affect the Plans net assets available for benefits or changes
in net assets available for benefits. The new standard solely affects the disclosure of
information.
NOTE 3 INVESTMENTS
Investments that represent 5% or more of the net assets available for benefits as of December 31,
2008 and 2007 consisting of the Plans interest in the Master Trust and investment in the Company
Stocks.
For the years ended December 31, 2008 and 2007, the Plans investments appreciated (depreciated) in
value, including gains and losses on investments bought and sold as well as held during the year,
as follows:
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2008 |
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2007 |
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Company stocks |
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$ |
(323,028,554 |
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$ |
(53,038,657 |
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Mutual funds |
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(390,534,193 |
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21,358,924 |
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Common/collective trust funds |
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(53,713,358 |
) |
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39,280,705 |
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Participant-directed Brokerage Account |
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(17,235,160 |
) |
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Net appreciation (depreciation) in fair value of investments |
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$ |
(784,511,265 |
) |
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$ |
7,600,972 |
|
|
|
|
|
|
|
|
For the year ended December 31, 2008, the Plan net investment loss from interest in the Master
Trust amounted to $489,857,645. For the year ended December 31, 2007, the Plan net investment gain
from interest in the Master Trust amounted to $301,354,240.
8
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
NOTE 4 INTEREST IN MASTER TRUST
As previously described, effective January 28, 2008 the Plan entered into a Master Trust Agreement
with Northern Trust to establish a new Master Trust. This Master Trust contains several actively
managed investments pools, and commingled index funds offered to participants as core investment
options and age-targeted options. The investment pools are administered by different investment
managers through separately managed accounts at Northern Trust.
The Master Trust held at Merrill Lynch in 2007 contained a Stable Value Fund and three different
Asset Allocation Funds: the Conservative, Moderate, and Aggressive Asset Allocation Funds. The
Stable Value Funds investments were transferred to the Northern Trust Master Trust on January 28,
2008. The Asset Allocation Funds were liquidated and reinvested in the Northern Trust Master Trust
as part of the transition to the new investment options offered by the Plan.
At December 31, 2008, the Master Trust includes the assets of the following plans:
|
|
|
Savings and Investment Plan of E.I. du Pont the Nemours and Company |
|
|
|
|
DuPont 401(k) and Profit Sharing Plan |
|
|
|
|
Thrift and Savings Plan for Employees of Sentinel Transportation, LLC |
On December 31, 2008, the DuPont Retirement Savings Plan merged with SIP. Assets of the RSP were
part of the Master Trust under Northern Trust and are reported as part of the SIP at year end.
To participate in the Master Trust, affiliates who sponsor qualified savings plans and who have
adopted the Master Trust Agreement are required to make payments to the Trustee of designated
portions of employees savings and other contributions by the affiliate. Investment income relating
to the Master Trust is allocated proportionately by investment fund to the plans within the Master
Trust based on each plans interest to the total fair value of the Master Trust investment funds.
The Plans undivided interest in the Master Trust was 99.53% and 99.61% as of December 31, 2008 and
2007, respectively.
Master Trust Investments
The investments of the Master Trust are reported at fair value. Purchases and sales of the
investments within the Master Trust are reflected on a trade-date basis. Dividend income is
recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Cash and short-term investments include cash and short-term interest-bearing investments with
initial maturities of three months or less. Such amounts are recorded at cost, plus accrued
interest.
Shares held in mutual funds are valued at the net asset value of shares held by the Master Trust at
year-end. Units held in common collective trusts are valued at the unit value as reported by the
Master Trust at year-end.
Common stock, preferred stock, fixed income securities, options and futures traded in active
markets on national and international securities exchanges are valued at closing prices on the last
business day of each period presented. Securities traded in markets that are not considered active
are valued based on quoted market prices, broker or dealer quotations, or alternative pricing
sources with reasonable levels of price
9
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
transparency. Securities that trade infrequently and therefore have little or no price transparency
are valued using the trustees or investment managers best estimates.
Forward foreign currency contracts are valued at fair value, as determined by the trustees (or
independent third parties on behalf of the Master Trust), using quoted forward foreign currency
exchange rates. At the end of each period presented, open contracts are valued at the current
forward foreign currency exchange rates, and the change in market value is recorded as an
unrealized gain or loss. When the contract is closed or delivery taken, the Master Trust records a
realized gain or loss equal to the difference between the value of the contract at the time it was
opened and the value at the time it was closed.
Swap contracts are valued at fair value, as determined by the trustees (or independent third
parties on behalf of the Master Trust) utilizing pricing models and taking into consideration
exchange quotations on underlying instruments, dealer quotations and other market information.
Investments denominated in currencies other than the U.S. dollar are converted using exchange rates
prevailing at the end of the periods presented. Purchases and sales of such investments are
translated at the rate of exchange on the respective dates of such transactions.
Money market funds are valued using the amortized cost method which approximates their fair value.
As provided in the FSP, an investment contract is generally required to be reported at fair value,
rather than contract value, to the extent it is fully benefit-responsive. The fair value of the
guaranteed investment contracts (GICs) is calculated by discounting the related cash flows based
on current yields of similar instruments with comparable durations. The fair value of synthetic
GICs is determined using the market price of the underlying securities and the fair value of the
investment contract (wrapper). The fair value of the wrapper is determined using a discounted
cash flow model which considers recent rebids, discount rates and the duration of the underlying
portfolio.
10
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
The following presents the Master Trusts net assets at December 31, 2008:
|
|
|
|
|
|
|
2008 |
|
Assets |
|
|
|
|
Investments, at fair value
|
|
|
|
|
Common stocks |
|
$ |
671,342,429 |
|
Preferred stocks |
|
|
1,885,459 |
|
Fixed income securities |
|
|
25,532,985 |
|
Mutual funds |
|
|
74,024,212 |
|
Common collective trusts |
|
|
771,047,331 |
|
Investment contracts |
|
|
5,302,911,435 |
|
Cash and short term investments |
|
|
14,935,899 |
|
|
|
|
|
Total investments |
|
|
6,861,679,750 |
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
100,393 |
|
Receivables for securities sold |
|
|
779,964 |
|
Unrealized appreciation on forward exchange contracts |
|
|
1,241,407 |
|
Accrued income |
|
|
1,389,690 |
|
Other assets |
|
|
10,828 |
|
|
|
|
|
Total assets |
|
|
6,865,202,032 |
|
|
|
|
|
Liabilities |
|
|
|
|
Payables for securities purchased |
|
|
11,803,899 |
|
Accrued expenses |
|
|
2,989,973 |
|
Other liabilities |
|
|
354,181 |
|
|
|
|
|
Total liabilities |
|
|
15,148,053 |
|
|
|
|
|
Master Trust net assets, at fair value |
|
|
6,850,053,979 |
|
Adjustment from fair value to contract value for fully benefit-responsive
investment contracts |
|
|
88,536,686 |
|
|
|
|
|
Master Trust net assets |
|
$ |
6,938,590,665 |
|
|
|
|
|
11
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
The following presents net investment loss for the Master Trust for the year ended December 31,
2008:
|
|
|
|
|
|
|
2008 |
|
Change in net appreciation (depreciation) in fair value
of investments: |
|
|
|
|
Investments, at market value |
|
|
|
|
Common stocks |
|
$ |
(454,080,361 |
) |
Preferred stocks |
|
|
(606,243 |
) |
Mutual funds |
|
|
(36,987,497 |
) |
Commingled funds |
|
|
(295,708,830 |
) |
Fixed income securities |
|
|
(2,411,350 |
) |
Other |
|
|
19,657 |
|
Net foreign currency exchange losses |
|
|
(1,660,366 |
) |
Net depreciation on swap agreements |
|
|
(68,412 |
) |
Net appreciation on forward exchange contracts |
|
|
2,001,809 |
|
Net appreciation on futures contracts |
|
|
876,102 |
|
|
|
|
|
Total decrease from investments |
|
|
(788,625,491 |
) |
|
|
|
|
|
|
|
|
|
Investment income (expense): |
|
|
|
|
Interest |
|
|
283,913,122 |
|
Dividends |
|
|
18,144,929 |
|
Administrative expenses |
|
|
(7,859,207 |
) |
|
|
|
|
Net investment loss |
|
$ |
(494,426,647 |
) |
|
|
|
|
Total realized loss on the sale on CCTs sold as part of the Master Trust transition to the new
Master Trust was $6,076,233.
The following presents the Master Trusts total assets at December 31, 2007:
|
|
|
|
|
|
|
2007 |
|
Investment contracts, at fair value |
|
$ |
5,006,302,387 |
|
Mutual funds |
|
|
646,569,704 |
|
Common collective trust funds |
|
|
73,909,014 |
|
|
|
|
|
Master Trust net assets, at fair value |
|
|
5,726,781,105 |
|
Adjustment from fair value to contract value for fully benefit-responsive
investment contracts |
|
|
(98,948,275 |
) |
|
|
|
|
Master Trust net assets |
|
$ |
5,627,832,830 |
|
|
|
|
|
12
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
The following presents net investment income for the Master Trust for the year ended December 31,
2007:
|
|
|
|
|
|
|
2007 |
|
Interest on investment contracts |
|
$ |
296,749,774 |
|
Net appreciation in fair value of common collective trust funds |
|
|
5,560,259 |
|
|
|
|
|
Total |
|
$ |
302,310,033 |
|
|
|
|
|
Investments of the Master Trusts that represent 5% or more of the Trust assets were as follows:
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
2007 |
Underlying Assets on Synthetic GICs |
|
|
|
|
|
|
|
|
GEM Trust Short Duration |
|
$ |
648,401,561 |
|
|
$ |
510,008,389 |
|
GEM Trust Risk-Controlled 1 |
|
|
637,726,645 |
|
|
|
618,091,654 |
|
GEM Trust Risk-Controlled 2 |
|
|
619,754,004 |
|
|
|
624,516,844 |
|
GEM Trust Opportunistic 1 |
|
|
495,476,947 |
|
|
|
580,000,548 |
|
GEM Trust Opportunistic 2 |
|
|
647,202,659 |
|
|
|
657,814,264 |
|
GEM Trust Opportunistic 3 |
|
|
525,796,789 |
|
|
|
631,967,221 |
|
PIMCO Low Duration Fund |
|
|
556,523,428 |
|
|
|
480,907,120 |
|
Mutual Funds |
|
|
|
|
|
|
|
|
ML Premier Institutional Fund |
|
|
|
|
|
|
646,569,704 |
|
Description of the Master Trusts Investment Contracts
The Master Trust Stable Value Fund invests in traditional GICs, and synthetic GICs, which are
backed by fixed income assets. The crediting interest rates on investment contracts ranged from
3.32% to 5.83% for the year ended December 31, 2008 and from 4.40% to 6.19% for the year ended
December 31, 2007. The weighted average credited interest rate of return of the investment
contracts based on the interest rate credited to participants was
4.28% for the year ended December
31, 2008 and 5.49% for the year ended December 31, 2007. The weighted average yield of the
investment contracts based on the actual earnings of underlying assets in the Master Trust was
4.83% for the year ended December 31, 2008 and 5.04% for the year ended December 31, 2007.
For traditional GICs the insurer maintains the assets in a general account. The account is
credited with earnings on the underlying investments and charged for participant withdrawals and
administrative expenses. Synthetic GICs, backed by underlying assets, provide for a guaranteed
return on principal and accrued interest over a specified period of time (i.e., period of time
before the crediting rate reset) through benefit-responsive wrapper contracts issued by a third
party assuming that the underlying assets meet the requirements of the GIC.
The contract or crediting rates for certain stable value investment contracts are reset six times
per year and are based on the performance of the portfolio of assets underlying these contracts.
Inputs used to determine the crediting rate include each contracts portfolio market value of fixed
income assets, current yield-to-maturity, duration (similar to weighted average life) and market
value relative to contract value. All contracts
13
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
have a guaranteed rate of at least 0% or higher
with respect to determining interest rate resets. There are no reserves against contract value for
credit risk of the contract issuer or otherwise.
Participants may ordinarily direct the withdrawal or transfer of all or a portion of their
investment at contract value for plan permitted benefit payments. Certain events may limit the
ability of the Plan to transact at contract value with the issuer. Such events include the
following: (i) amendments to the Plan documents (including complete or partial Plan termination or
merger with another plan); (ii) changes to Plans prohibition on competing investment options or
deletion of equity wash provisions; (iii) bankruptcy of the Plan sponsor or other Plan sponsor
events (i.e. divestitures or spin-offs of a subsidiary) which cause a significant withdrawal from
the Plan or (iv) the failure of the trust to qualify for exemption from federal income taxes or any
required prohibited transaction exemption under ERISA. The Plan Administrator does not believe that
the occurrence of any such value event, which would limit the Plans ability to transact at
contract value, is probable.
Based on certain events specified in fully benefit-responsive investment contracts (i.e., GICs and
synthetic GICs), both the Plan/Trust and issuers of such investment contracts are permitted to
terminate the investment contracts. If applicable, such terminations can occur prior to the
scheduled maturity date.
Examples of termination events that permit issuers to terminate investment contracts include the
following:
|
|
|
The Plan Sponsors receipt of a final determination notice from the Internal Revenue
Service that the Plan does not qualify under Section 401(a) of the Code. |
|
|
|
|
The Trust ceases to be exempt from federal income taxation under Section 501(a) of the
Code. |
|
|
|
|
The Plan/Trust or its representative breaches material obligations under the investment
contract such as a failure to satisfy its fee payment obligations. |
|
|
|
|
The Plan/Trust or its representative makes a material misrepresentation. |
|
|
|
|
The Plan/Trust makes a material amendment to the Plan/Trust and/or the amendment
adversely impacts the issuer. |
|
|
|
|
The Plan/Trust, without the issuers consent, attempts to assign its interest in the
investment contract. |
|
|
|
|
The balance of the contract value is zero or immaterial. |
|
|
|
|
Mutual consent. |
|
|
|
|
The termination event is not cured within a reasonable time period, i.e., 30 days. |
For synthetic GICs, additional termination events include the following:
|
|
|
The investment manager of the underlying securities is replaced without the prior
written consent by the issuer. |
|
|
|
|
The underlying securities are managed in a way that does not comply with the investment
guidelines. |
At termination, the contract value is adjusted to reflect a discounted value based on surrender
charges or other penalties for GICs.
For synthetic GICs, termination is at market value of the underlying securities less unpaid issuer
fees or charges. If the termination event is not material based on industry standards, it may be
possible for the Plan/Trust to exercise its right to require the issuer that initiated the
termination to extend the investment contract for a period no greater than what it takes to
immunize the underlying securities and/or it may be possible to replace the issuer of a synthetic
GIC that terminates the contract with another synthetic GIC issuer. Both options help maintain the
stable contract value.
14
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
Financial Instruments with Off-Balance-Sheet Risk in the Master Trust
In accordance with the investment strategy of the managed accounts, the Master Trusts investment
managers execute transactions in various financial instruments that may give rise to varying
degrees of off-balance-sheet market and credit risk. These instruments can be executed on an
exchange or negotiated in the OTC market. These financial instruments include futures, forward
settlement contracts, swap and option contracts.
Swap contracts include interest rate swap contracts which involve an agreement to exchange periodic
interest payment streams (typically fixed vs. variable) calculated on an agreed upon periodic
interest rate multiplied by a predetermined notional principal amount.
Market risk arises from the potential for changes in value of financial instruments resulting from
fluctuations in interest and foreign exchange rates and in prices of debt and equity securities.
The gross notional (or contractual) amounts used to express the volume of these transactions do not
necessarily represent the amounts potentially subject to market risk. In many cases, these
financial instruments serve to reduce, rather than increase, the Trusts exposure to losses from
market or other risks. In addition, the measurement of market risk is meaningful only when all
related and offsetting transactions are identified. The Trusts investment managers generally limit
the Trusts market risk by holding or purchasing offsetting positions.
As a writer of option contracts, the Master Trust receives a premium to become obligated to buy or
sell financial instruments for a period of time at the holders option. During this period, the
Trust bears the risk of an unfavorable change in the market value of the financial instrument
underlying the option, but has no credit risk, as the counterparty has no performance obligation to
the Trust once it has paid its cash premium.
The Master Trust is subject to credit risk of counterparty nonperformance on derivative contracts
in a gain position, except for written options, which obligate the Trust to perform and do not give
rise to any counterparty credit risk.
NOTE 5
FAIR VALUE MEASUREMENTS
On January 1, 2008, the Plan adopted SFAS No. 157, Fair Value Measurements (SFAS 157). SFAS 157
establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (level 1 measurements) and the lowest priority to
unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under
SFAS 157 are described below:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date
for identical, unrestricted assets or liabilities;
Level 2 Quoted prices in markets that are not considered to be active or financial instruments
for which all significant inputs are observable, either directly or indirectly. Inputs on assets
and liabilities with contractual terms must be observable for substantially the full contract term;
Level 3 Prices or valuations that require inputs that are both significant to the fair value
measurement and unobservable.
15
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
A financial instruments level within the fair value hierarchy is based on the lowest level of any
input that is significant to the fair value measurement.
Fair value calculations 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 tables present the fair values of the Plan and Master Trust investment asset and
liabilities by level within the fair value hierarchy, as of December 31, 2008.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Assets at Fair Value as of December 31, 2008 |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Plans investments, excluding interest in
Master Trust: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant-directed brokerage accounts |
|
$ |
44,912,224 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
44,912,224 |
|
Company stocks |
|
|
465,410,098 |
|
|
|
|
|
|
|
|
|
|
|
465,410,098 |
|
Mutual funds |
|
|
267,359,396 |
|
|
|
|
|
|
|
|
|
|
|
267,359,396 |
|
Participant loans |
|
|
|
|
|
|
|
|
|
|
83,268,206 |
|
|
|
83,268,206 |
|
|
|
|
Total Plans investments |
|
$ |
777,681,718 |
|
|
$ |
|
|
|
$ |
83,268,206 |
|
|
$ |
860,949,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master Trusts investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks |
|
$ |
669,061,967 |
|
|
$ |
2,280,462 |
|
|
$ |
|
|
|
$ |
671,342,429 |
|
Preferred stocks |
|
|
1,885,459 |
|
|
|
|
|
|
|
|
|
|
|
1,885,459 |
|
Fixed income securities |
|
|
|
|
|
|
25,532,985 |
|
|
|
|
|
|
|
25,532,985 |
|
Mutual funds |
|
|
74,024,212 |
|
|
|
|
|
|
|
|
|
|
|
74,024,212 |
|
Common collective trusts |
|
|
|
|
|
|
771,047,331 |
|
|
|
|
|
|
|
771,047,331 |
|
Investment contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional GICs |
|
|
|
|
|
|
924,277,687 |
|
|
|
|
|
|
|
924,277,687 |
|
Wrapper contracts |
|
|
|
|
|
|
102,373,613 |
|
|
|
|
|
|
|
102,373,613 |
|
Underlying
assets on synthetic GICs* |
|
|
556,523,428 |
|
|
|
3,719,736,707 |
|
|
|
|
|
|
|
4,276,260,135 |
|
Cash and short term investments |
|
|
|
|
|
|
14,935,899 |
|
|
|
|
|
|
|
14,935,899 |
|
|
|
|
Total Master Trust investments |
|
|
1,301,495,066 |
|
|
|
5,560,184,684 |
|
|
|
|
|
|
|
6,861,679,750 |
|
Other financial instruments** |
|
|
(42,394 |
) |
|
|
1,202,452 |
|
|
|
|
|
|
|
1,160,058 |
|
|
|
|
Total Master Trust assets |
|
$ |
1,301,452,672 |
|
|
$ |
5,561,387,136 |
|
|
$ |
|
|
|
$ |
6,862,839,808 |
|
|
|
|
|
|
|
* |
|
Underlying assets on synthetic GICs fixed income securities, commingled funds, and mutual
funds. |
|
** |
|
Other financial instruments include swaps, forwards, futures and options. |
The table below sets forth a summary of changes in the fair value of the Plans level 3 investment
assets for the year ended December 31, 2008:
|
|
|
|
|
|
|
Participant |
|
|
|
loans |
|
Balance, beginning of year |
|
$ |
98,689,350 |
|
Purchases, sales, issuances, and settlements (net) |
|
|
(15,421,144 |
) |
|
|
|
|
Balance, end of year |
|
$ |
83,268,206 |
|
|
|
|
|
16
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
NOTE 6 ASSET TRANSFERS
Asset transfers in of $54,690,740 for the year ended December 31, 2008 represent the assets from
the ChemFirst Plan and DuPont RSP and the participant investments from the DuPont 401(k) for
employees of DuPont Displays and DuPont Authentication that were merged with the Plan at December
31, 2008. All ChemFirst Plan investments were liquidated at fair value and cash proceeds amounting
to $27,240,566 and participant loans balances totaling $1,455,907 were transferred into the Plan as
of the effective date of the merger. DuPont RSP assets with a fair value of $20,171,297 were
transferred in-kind to the Plan as of the date of the merger. DuPont 401(k) assets with a fair
value of $5,822,970 were also transferred in-kind to the Plan as of the date of the merger.
Asset transfers out of the Plan for the year ended December 31, 2008 of $3,198,709 represent
participant investment account balances amounting to $2,441,414 attributable to employees
transferred to the Pioneer Hi-Bred International, Inc. Savings Plan (Pioneer Plan), a plan of a
Company affiliate, and transfers of $757,295 to the Kordsa, Inc. 401(k) Profit Sharing Plan, a plan
for employees of a former Company affiliate. Asset transfers out of the Plan for the year ended
December 31, 2007 of $2,942,216 represents participant investment account balances attributable to
employees transferred to the Pioneer Plan.
NOTE 7 CONOCOPHILLIPS STOCK FUND
On September 28, 1998, DuPont announced that the Board of Directors had approved a plan to divest
DuPonts 100 percent-owned petroleum business, Conoco, Inc. On August 6, 1999, DuPont completed the
planned divestiture through a tax-free split-off. DuPont exchanged its shares of Conoco, Inc. Class
B common stock for shares of DuPont common stock. Plan participants had the option to exchange
shares of DuPont Company stock, which were held in their participant accounts. For each share of
DuPont common stock exchanged, the participant received an appropriate number of shares of Conoco
Class B common stock. Accordingly, the Conoco Class B Stock Fund was created as an investment fund
of the Plan. No additional shares of Conoco Class B common stock may be purchased by Plan
participants through payroll deductions, fund transfers, or the reinvestment of dividends.
Dividends earned on Conoco Class B common stock are distributed pro rata to the investment options
in participants accounts based upon their current investment elections. On August 30, 2003, the
Conoco Stock Fund became the ConocoPhillips Stock Fund. The balance of the ConocoPhillips Stock
Fund was $44,320,807 and $85,677,325 at December 31, 2008 and 2007, respectively.
NOTE 8 RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds and units of common collective trust funds
managed by Northern Trust and Merrill Lynch, which also serve as trustees. In addition, the Plan
offers the DuPont Company stock as an investment option. At December 31, 2008 the Plan held
16,646,405 shares of DuPont common stock valued at $421,089,291. At December 31, 2007 the Plan
held 16,116,123 shares of DuPont common stock valued at $710,559,870. The Plan purchased
$158,938,142 and $108,606,745 of stock during the years ended December 31, 2008 and December 31,
2007, respectively. The Plan sold $141,864,211 and $217,992,725 of stock during the years ended
December 31, 2008 and December 31, 2007, respectively. The Plan holdings in shares of DuPont
common stock includes $906,054 received as part of the merger with the RSP and transfer from the
DuPont 401(k) Plan at the end of the year.
17
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
Also, the Master Trust Stable Value Fund assets are managed by DCMC, under the terms of an
investment management agreement between DCMC and the Company. DCMC hires additional investment
managers to manage a portion of the fixed income assets backing synthetic GICs allocated to the
Stable Value Fund. The amount of DCMC fees accrued and paid by the Stable Value fund was
$2,124,557 and $2,198,464 for the years ended December 31, 2008 and December 31, 2007,
respectively. These investments qualify as party-in-interest transactions, which are exempt from
prohibited transaction rules of ERISA.
NOTE 9 RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements
at December 31, 2008 and 2007 to the Form 5500:
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
2007 |
|
Net assets available for benefits per the financial statements |
|
$ |
7,819,250,787 |
|
|
$ |
9,563,428,025 |
|
Amounts allocated to withdrawing participants at December
31, 2008 |
|
|
(481,955 |
) |
|
|
|
|
Adjustment from contract value to fair value for fully
benefit-
responsive investment contracts |
|
|
(88,185,424 |
) |
|
|
98,118,719 |
|
|
|
|
|
|
|
|
Net assets available for benefits per the Form 5500 |
|
$ |
7,730,583,408 |
|
|
$ |
9,661,546,744 |
|
|
|
|
|
|
|
|
The following is a reconciliation of Master Trust loss per the financial statements for the year
ended December 31, 2008 to the Form 5500:
|
|
|
|
|
|
|
2008 |
|
Net depreciation in value of Master Trust included in the financial
statements |
|
$ |
(489,857,645 |
) |
2008 adjustment from contract value to fair value for fully benefit-
responsive investment contracts |
|
|
(88,185,424 |
) |
2007 adjustment from contract value to fair value for fully benefit-
responsive investment contracts |
|
|
(98,118,719 |
) |
|
|
|
|
Net depreciation in value of Master Trust per the Form 5500 |
|
$ |
(676,161,788 |
) |
|
|
|
|
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that
have been processed and approved for payment prior to December 31 but are not yet paid as of that
date. The following is a reconciliation of the benefits paid to participants per the financial
statements to the Form 5500 for the year ended December 31, 2008:
18
Savings and Investment Plan of
E.I. du Pont de Nemours and Company
Notes to Financial Statements
December 31, 2008 and 2007
|
|
|
|
|
|
|
2008 |
|
Benefits paid to participants per the financial statements |
|
$ |
961,350,163 |
|
Amounts allocated to withdrawing participants at December 31, 2008 |
|
|
481,955 |
|
|
|
|
|
Benefits paid to participants per the Form 5500 |
|
$ |
961,832,118 |
|
|
|
|
|
NOTE
10 TAX STATUS
The Plan is a qualified plan pursuant to Section 401(a) of the Internal Revenue Code (the Code)
and the related Trusts are exempt from federal taxation under Section 501(a) of the Code. A
favorable tax determination letter from the Internal Revenue Service has been received by the Plan
dated October 9, 2003 covering the Plan and amendments through December 2, 2002. The Plan has been
amended since receiving the determination letter. However, the Plan administrator believes that the
Plan is currently designed and operated in accordance with the applicable requirements of the Code.
Accordingly, no provision has been made for federal income taxes in the accompanying financial
statements.
NOTE
11 RISKS AND UNCERTAINTIES
The Plan provides for various investment options, which include investments in any combination of
equities, fixed income securities, individual guaranteed investment contracts, currency and
commodities, futures, forwards, options and derivative contracts. Investment securities are exposed
to various risks, such as interest rate, market and credit risk. Due to the level of risk
associated with certain investments and the level of uncertainty related to changes in the value of
investment securities, it is possible that changes in risks in the near term could materially
affect participants account balances and the amounts reported in the Statements of Net Assets
Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.
19
|
|
|
Savings and Investment Plan of
|
|
Schedule I |
E. I. du Pont de Nemours and Company |
|
|
Schedule of Assets (Held
at End of Year) as of December 31, 2008
Form 5500, Schedule H, Part IV, Line I
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
(b) |
|
(c) |
|
(d) |
|
|
(e) |
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
Identity of Issue |
|
Description of Investment |
|
Cost |
|
|
Value |
|
|
|
AIM Constellation Fund Institutional |
|
Registered Investment Company |
|
|
* |
* |
|
$ |
2,158,470 |
|
|
|
AIM Charter Fund Institutional Class |
|
Registered Investment Company |
|
|
* |
* |
|
|
3,863,887 |
|
|
|
Fidelity Equity Income Fund |
|
Registered Investment Company |
|
|
* |
* |
|
|
12,180,375 |
|
|
|
Fidelity Fund PV 1 |
|
Registered Investment Company |
|
|
* |
* |
|
|
13,357,219 |
|
|
|
Fidelity Low Priced Stock Fund |
|
Registered Investment Company |
|
|
* |
* |
|
|
35,432,959 |
|
|
|
Fidelity Magellan Fund |
|
Registered Investment Company |
|
|
* |
* |
|
|
34,762,967 |
|
|
|
Franklin Balance Sheet Investment Fund ADV Class |
|
Registered Investment Company |
|
|
* |
* |
|
|
22,290,604 |
|
|
|
Franklin Growth ADV Class |
|
Registered Investment Company |
|
|
* |
* |
|
|
3,229,732 |
|
|
|
Franklin Small-Mid Cap Growth Fund ADV Class |
|
Registered Investment Company |
|
|
* |
* |
|
|
14,262,766 |
|
|
|
Janus Enterprise Fund |
|
Registered Investment Company |
|
|
* |
* |
|
|
17,788,839 |
|
|
|
Janus Research Fund |
|
Registered Investment Company |
|
|
* |
* |
|
|
19,437,027 |
|
* |
|
Blackrock Global Growth Fund Class I |
|
Registered Investment Company |
|
|
* |
* |
|
|
21,021,668 |
|
* |
|
Blackrock Intl Value Fund Class I |
|
Registered Investment Company |
|
|
* |
* |
|
|
16,571,216 |
|
* |
|
Blackrock Basic Value Fund Class I |
|
Registered Investment Company |
|
|
* |
* |
|
|
13,365,124 |
|
* |
|
Blackrock Fundamental Growth Fund Class I |
|
Registered Investment Company |
|
|
* |
* |
|
|
3,800,612 |
|
|
|
MFS Research Fund Class A |
|
Registered Investment Company |
|
|
* |
* |
|
|
2,265,085 |
|
|
|
Templeton Institutional Fund |
|
Registered Investment Company |
|
|
* |
* |
|
|
17,798,118 |
|
|
|
Templeton Growth Fund |
|
Registered Investment Company |
|
|
* |
* |
|
|
13,772,728 |
|
* |
|
DuPont Company Stock |
|
Company Stock Fund |
|
|
* |
* |
|
|
421,089,291 |
|
|
|
ConocoPhillips Stock |
|
Company Stock Fund |
|
|
* |
* |
|
|
44,320,807 |
|
* |
|
Plan interest in the DuPont and
Related Companies |
|
|
|
|
|
|
|
|
|
|
|
|
Defined Contribution Plan Master Trust |
|
Master Trust |
|
|
* |
* |
|
|
6,817,688,427 |
|
* |
|
Self-directed Brokerage Account |
|
Brokerage Account |
|
|
* |
* |
|
|
44,912,224 |
|
* |
|
Participant Loans |
|
4.25% to 10% - Maturing from |
|
|
|
|
|
|
|
|
|
|
|
|
January 2009 to February 2015 |
|
|
* |
* |
|
|
83,268,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets Held At End of Year |
|
|
|
|
|
|
|
$ |
7,678,638,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Party in interest
** Cost not required for participant directed investments
20
|
|
|
Savings and Investment Plan of
|
|
Schedule II |
E. I. du Pont de Nemours and Company |
|
|
|
Schedule of Delinquent Participant Contributions and Loan Payments |
|
|
Form 5500, Schedule H, Part IV, Line 4a |
|
|
For the Year Ended December 31, 2008 |
|
|
Employer Identification Number: 51-0014090
Plan Number: 002
Form: 5500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
|
|
|
|
|
|
|
(b) |
|
|
Total that Consitute |
|
(a) |
|
|
(b) |
|
Participant Contributions |
|
|
Nonexempt Prohibited |
|
Year |
|
|
Description |
|
Transferred Late to Plan |
|
|
Transactions |
|
|
|
2008 |
|
|
Late remittance of employee contributions and
loan payments |
|
$ |
570,153.72 |
|
|
$ |
570,153.72 |
* |
|
|
|
* |
|
Note: All delinquent contributions and loan payments plus interest have been remitted to the
trust. |
21