Form 11-K
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 NO. 1-12815
| A. |
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Full title of the plan and the address of the plan, if different from
that of the issuer named below: |
CHICAGO BRIDGE & IRON SAVINGS PLAN
c/o Chicago Bridge & Iron Company
One CB&I Plaza
2103 Research Forest Drive
The Woodlands, TX 77380
| B. |
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Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office: |
Chicago Bridge & Iron Company N.V.
Oostduinlaan 75
2596 JJ The Hague
The Netherlands
CHICAGO BRIDGE & IRON SAVINGS PLAN
TABLE OF CONTENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Administrator
Chicago Bridge & Iron Savings Plan
We have audited the accompanying statements of net assets available for benefits of the Chicago
Bridge & Iron Savings Plan (the “Plan”) as of December 31, 2010 and 2009 and the related statement
of changes in net assets available for benefits for the year ended December 31, 2010. 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 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. We were not engaged to perform an audit of the Plan’s internal control over
financial reporting. Our audit included consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31, 2010 and 2009 and the
changes in net assets available for benefits for the year ended December 31, 2010, in conformity
with accounting principles generally accepted in the United States of America.
Our audit was performed 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) 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 United States 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.
The supplemental schedule has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ Calvetti, Ferguson & Wagner, P.C.
Houston, Texas
June 27, 2011
CHICAGO BRIDGE & IRON SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cash |
|
$ |
— |
|
|
$ |
8,980 |
|
|
|
|
|
|
|
|
|
|
Investments, at fair value |
|
|
539,132,800 |
|
|
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452,225,060 |
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|
|
|
|
|
|
|
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Employer contribution receivable |
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19,962,027 |
|
|
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22,915,822 |
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|
|
|
|
|
|
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Notes receivable from participants |
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9,008,360 |
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8,124,835 |
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|
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Total Assets |
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$ |
568,103,187 |
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$ |
483,274,697 |
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|
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Liabilities |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
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Corrective distribution payable |
|
|
197,053 |
|
|
|
908,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net assets available for benefits, at fair value |
|
$ |
567,906,134 |
|
|
$ |
482,366,326 |
|
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|
|
|
|
|
|
|
|
|
|
|
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|
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Adjustment from fair value to contract value for fully benefit-
responsive investment contracts
|
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(1,769,910 |
) |
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(1,327,248 |
) |
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|
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|
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Net assets available for benefits |
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$ |
566,136,224 |
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$ |
481,039,078 |
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The accompanying notes are an integral part of these financial statements.
- 2 -
CHICAGO BRIDGE & IRON SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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Year Ended |
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December 31, 2010 |
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Additions to net assets attributed to: |
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Net appreciation in value of investments |
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$ |
59,998,909 |
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Investment income |
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9,653,966 |
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Contributions: |
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Employer |
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29,895,960 |
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Participants |
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28,461,229 |
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Rollovers |
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2,255,964 |
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Total additions |
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130,266,028 |
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Deductions to net assets attributed to: |
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Distributions to participants |
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44,892,040 |
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Corrective distributions |
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|
197,053 |
|
Administrative expenses |
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|
79,789 |
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Total deductions |
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45,168,882 |
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Net increase |
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85,097,146 |
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Net Assets Available for Benefits: |
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Beginning of year |
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481,039,078 |
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End of year |
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$ |
566,136,224 |
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The accompanying notes are an integral part of these financial statements.
- 3 -
CHICAGO BRIDGE & IRON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2010
1. DESCRIPTION OF THE PLAN AND INVESTMENT PROGRAM
The following provides a summary of the major provisions of the Chicago Bridge & Iron Savings
Plan (the “Plan”). Participants should refer to the Plan document for a more complete
description of the Plan’s provisions.
General—The Plan is a defined contribution plan in which certain employees of Chicago Bridge &
Iron Company (“CB&I”) and certain related companies (collectively, the “Company”) are eligible
to participate immediately upon hire. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (“ERISA”). T. Rowe Price Trust Company (the “Trustee”)
and T. Rowe Price Retirement Plan Services, Inc. serve as trustee and record keeper,
respectively, for the Plan.
Participant and Company Contributions—Contributions to the Plan are comprised of employee
401(k) voluntary salary deferrals, discretionary Company 401(k) matching contributions and
discretionary annual Company contributions.
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Participant and Company Matching Contributions—Participants may contribute amounts
on a pre-tax deferred basis from a minimum of 1% to a maximum of 75% of compensation
subject to the lower of dollar limits set by the Internal Revenue Service (the “IRS”)
or percentage limits set by the Company in advance of a given Plan year. Participants
may elect to change their contribution percentages at any time. |
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The Company may elect, at its sole discretion, to match some portion of the
participants’ contributions. For the 2010 plan year, the Company elected to match the
participants’ contributions up to 3% of total cash compensation, with the exception of
union participants, whose Company matching contribution is determined by their
negotiated union contract. |
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Annual Company Contribution—The Company may elect, at its sole discretion, to
contribute from 5% to 12% of annual participant total cash compensation (including
overtime and incentive compensation), subject to Company performance and the IRS limits
on compensation deferrals. The annual Company contribution is allocated to each
eligible participant following the end of the Plan year for which the contribution was
made. Eligible participants for the annual Company contribution include individuals
that: (i) worked a minimum of 1,000 hours for the Company during the Plan year (except
in the case of death, disability, retirement, or a reduction-in-force termination,
where the service requirement is waived), and (ii) were employed with the Company as of
the last day of the Plan year (except in the case of death, disability, retirement, a
reduction-in-force termination, or a temporary lay-off, where the service requirement
is waived). Union employees are not eligible for the annual Company contribution. For
2010, the annual Company contribution percentage for the Plan was 6% of eligible
compensation and amounted to $19,811,551, net of forfeitures of approximately
$2,823,141. |
Participant Accounts—Individual accounts are maintained for each Plan participant. Participant
contributions and Company match and annual contributions are allocated to investments within
each participant account based upon participant-directed percentages. Investment earnings of
funds are allocated to participant accounts based upon the participant’s relative percentage
ownership of the total applicable fund. The benefit to which a participant is entitled is the
benefit that can be provided from the participant’s vested account.
- 4 -
Investment Options—Participants may direct the investment of their account balances into any
or all of a number of investment options offered by the Plan, which include: (i) mutual funds
investing in equities and bonds
(including certain mutual funds beyond the Trustee’s family of funds), (ii) a stock fund (which
invests in the common stock of Chicago Bridge & Iron Company N.V., CB&I’s parent), and (iii)
common collective trust funds. Participants may transfer account balances among investment
options; however, interfund transfers to the Company stock fund from other investment options
are not permissible under the Plan.
Vesting—Participant contributions and all earnings on those contributions are immediately 100%
vested. Company 401(k) matching contributions vest 100% after three years of service with the
Company. The annual Company contributions for Plan years through 2006 vest 100% after five
years of service with the Company, while annual Company contributions for subsequent Plan years
vest 100% after three years of service with the Company. Participants who reach age 65 or who
terminate their participation in the Plan due to death, disability, retirement, or a
reduction-in-force termination, are granted full vesting in Company contributions.
Participant Loans—Participants may borrow up to the lesser of 50% of their vested account
balance or $50,000, with a minimum loan amount of $1,000. No more than one loan may be
outstanding from a participant’s account at any time. Any amount borrowed is deducted pro rata
from the funds in which the participant’s account is invested. Loans bear interest based on a
fixed rate initially determined based on the Wall Street Journal published prime rate plus a
margin of 1% and are repayable over a period not to exceed five years, except for principal
residence loans, which are repayable over a period not to exceed fifteen years. Repayments of
principal and interest are credited to the funds in which the participant’s deferrals and
Company contributions are invested.
Payment of Benefits—Upon death, disability, retirement, or termination of employment,
participants may receive a lump-sum payment of their account balance, subject to the vesting
provisions described above. The Plan also allows in-service withdrawals and withdrawals for
financial hardship. Other payment forms are available to certain participants for accounts
existing prior to January 1, 1997.
Forfeitures—Forfeited accounts, representing the unvested portion of Company contributions,
are used to reduce future Company contributions to eligible participant accounts.
2. SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting—The accompanying financial statements of the Plan have been prepared using
the accrual basis of accounting in conformity with accounting principles generally accepted in the
Unites States of America (“U.S. GAAP”). Benefit payments to participants are recorded upon
distribution.
Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires
management to make estimates that affect the amounts reported in the financial statements and
accompanying notes and schedule. Actual results could differ from those estimates.
Investment Valuation and Income Recognition—The categorization of the Plan’s financial
instruments within the valuation hierarchy (as provided in Note 4) is based upon the lowest
level of input that is significant to the fair value measurement. Investments that are valued
using quoted market prices are classified within level 1 of the valuation hierarchy and assets
that are valued using internally-developed models that use readily observable market parameters
(quoted market prices for similar assets and liabilities in active markets), are classified
within level 2 of the valuation hierarchy. In some cases, assets may be valued based upon
models with significant unobservable market parameters and would be classified within level 3
of the valuation hierarchy. The Plan did not have any level 3 classifications as of December
31, 2010 or 2009.
- 5 -
The following is a description of the valuation methodologies used for the Plan’s instruments
measured at fair value:
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• |
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Common Stock and Mutual Funds—The fair values are based on quoted market prices on
the last day of the Plan year and are therefore classified within level 1 of the
valuation hierarchy (market approach). |
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• |
|
Common Collective Trust Funds— |
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• |
|
Stable Value Fund—The fund is comprised of guaranteed investment
contracts, wrap contracts and various other contracts. The fair value of the
guaranteed investment contracts is provided by the fund administrator and is
generally determined by discounting the scheduled future payments required under
the contract (income approach). The fair value of wrap contracts reflects the
discounted present value of the difference between the current wrap contract
cost and its replacement cost, based on issuer quotes (cost approach). For
assets other than investment contracts, including securities underlying
synthetic investment contracts, fair value generally is reflected by market
value at the close of business on the valuation date (market approach).
Therefore, the fund’s fair value is classified within level 2 of the valuation
hierarchy. This fund is a fully benefit-responsive investment, and as required,
an adjustment is made to reflect this investment at contract value, which
represents cost plus accrued income less redemptions. |
| |
| |
• |
|
Equity Index Trust Fund—The Net Asset Value (“NAV”), provided by
the fund administrator, is classified within level 2 of the valuation hierarchy.
Although the NAV’s unit price is quoted on a private market that is not active,
the unit price is based on underlying investments which are traded on an active
market (market approach). |
Purchases and sales of securities are recorded on a trade date basis. Interest income is
recorded on the accrual basis and dividends are recorded on the ex-dividend date.
New Accounting Standards— In the first quarter of 2010, certain disclosure provisions of the
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2010-06
became effective. This standard clarified existing fair value requirements under the FASB
Accounting Standards Codification’s (“ASC”) Fair Value Measurements and Disclosures Topic 820,
including the level of disaggregation required for fair value disclosures and disclosure of the
valuation techniques and inputs used in estimating level 2 and level 3 fair value measurements.
The Plan’s adoption of this standard did not have a material impact on the Plan’s statement of
net assets available for benefits.
In the fourth quarter of 2010, FASB ASU 2010-25 became effective for the Plan. This standard
clarified existing fair value presentation under FASB ASC Topic 962, Plan Accounting — Defined
Contribution Pension Plans. ASU 2010-25 requires participant loans to be classified as notes
receivable from participants, segregated from plan investments and measured at their unpaid
principal balance plus any accrued but unpaid interest on the Statement of Net Assets Available
for Benefits. In accordance with this standard, participant loans have been reclassified from
their historical presentation as a component of investments, at fair value, to notes receivable
from participants, at December 31, 2010 and 2009.
Subsequent
Events—The Plan evaluated all events and transactions that occurred through June 27, 2011, the date these financial statements were issued.
- 6 -
3. INVESTMENTS
The following presents investments that represent 5% or more of the Plan’s net assets available
for benefits at December 31, 2010 or 2009 (at fair value unless otherwise noted):
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December 31, |
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2010 |
|
|
2009 |
|
|
|
|
|
|
|
|
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T. Rowe Price Blue Chip Growth Fund |
|
$ |
52,023,852 |
|
|
$ |
46,094,778 |
|
T. Rowe Price Stable Value Fund (at contract value) (1) |
|
|
47,198,131 |
|
|
|
42,870,535 |
|
T. Rowe Price Balanced Fund |
|
|
47,014,232 |
|
|
|
43,028,688 |
|
T. Rowe Price Summit Cash Reserves Fund |
|
|
43,420,847 |
|
|
|
44,959,505 |
|
T. Rowe Price Equity Income Fund |
|
|
43,381,768 |
|
|
|
39,185,132 |
|
T. Rowe Price New Horizons Fund |
|
|
35,157,334 |
|
|
|
25,599,396 |
|
American Europacific Growth Fund |
|
|
34,276,323 |
|
|
|
31,027,701 |
|
T. Rowe Price Spectrum Income Fund |
|
|
31,289,101 |
|
|
|
28,722,349 |
|
Chicago Bridge & Iron Company N.V. Common Stock (2) |
|
|
29,948,365 |
|
|
|
18,771,863 |
|
| |
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|
| (1) |
|
The fair value of this fully benefit-responsive investment totaled $48,968,041
and $44,197,783 at December 31, 2010 and 2009, respectively. |
| |
| (2) |
|
Investment does not represent 5% or more of the Plan’s net assets available
for benefits as of December 31, 2009. |
During 2010, the Plan’s investments (including gains and losses on investments bought, sold,
and/or held during the year) appreciated (depreciated) in value as follows:
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Year Ended |
|
| |
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December 31, 2010 |
|
Mutual funds |
|
$ |
45,105,681 |
|
Common stock |
|
|
11,800,988 |
|
Common collective trust funds |
|
|
3,092,240 |
|
|
|
|
|
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Total |
|
$ |
59,998,909 |
|
|
|
|
|
Risks and Uncertainties—The Plan provides for investments in various securities, which are
exposed to interest rate, credit, and/or overall market volatility risks. Due to the level of
risk associated with certain investment securities, it is reasonably possible that changes in
the fair values of investment securities will occur in the near term and that such changes
could materially affect participant account balances and the value of investments reported in
the statements of net assets available for benefits.
- 7 -
4. FAIR VALUE MEASUREMENTS
The following table presents the Plan’s financial instruments carried at fair value as of
December 31, 2010 and 2009, respectively, by investment type and valuation hierarchy level:
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|
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|
|
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|
| |
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December 31, 2010 |
|
| |
|
Quoted Market |
|
|
Significant |
|
|
Significant |
|
|
Total Fair Value |
|
| |
|
Prices in Active |
|
|
Observable |
|
|
Unobservable |
|
|
in the Statement of |
|
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Markets (Level 1) |
|
|
Inputs (Level 2) |
|
|
Inputs (Level 3) |
|
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Net Assets |
|
Common Stock |
|
$ |
29,948,365 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,948,365 |
|
Mutual Funds |
|
|
436,214,932 |
|
|
|
— |
|
|
|
— |
|
|
|
436,214,932 |
|
Common Collective Trust Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stable Value Fund |
|
|
— |
|
|
|
48,968,041 |
|
|
|
— |
|
|
|
48,968,041 |
|
Equity Index Trust Fund |
|
|
— |
|
|
|
24,001,462 |
|
|
|
— |
|
|
|
24,001,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Fair Value |
|
$ |
466,163,297 |
|
|
$ |
72,969,503 |
|
|
$ |
— |
|
|
$ |
539,132,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2009 |
|
| |
|
Quoted Market |
|
|
Significant |
|
|
Significant |
|
|
Total Fair Value |
|
| |
|
Prices in Active |
|
|
Observable |
|
|
Unobservable |
|
|
in the Statement of |
|
| |
|
Markets (Level 1) |
|
|
Inputs (Level 2) |
|
|
Inputs (Level 3) |
|
|
Net Assets |
|
Common Stock |
|
$ |
18,771,863 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,771,863 |
|
Mutual Funds |
|
|
368,543,299 |
|
|
|
— |
|
|
|
— |
|
|
|
368,543,299 |
|
Common Collective Trust Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stable Value Fund |
|
|
— |
|
|
|
44,197,783 |
|
|
|
— |
|
|
|
44,197,783 |
|
Equity Index Trust Fund |
|
|
— |
|
|
|
20,712,115 |
|
|
|
— |
|
|
|
20,712,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Fair Value |
|
$ |
387,315,162 |
|
|
$ |
64,909,898 |
|
|
$ |
— |
|
|
$ |
452,225,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. RECONCILIATION OF THE FINANCIAL STATEMENTS TO THE FORM 5500
As previously discussed in Note 2, fully benefit-responsive investment contracts are required
to be valued at contract value on the statement of net assets available for benefits, whereas
the Form 5500 requires all investments to be valued at fair value. The following is a
reconciliation of the financial statements to the Form 5500 for net assets available for
benefits and the change in net assets available for benefits:
| |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| Net Assets Available for Benefits |
|
2010 |
|
|
2009 |
|
Net assets available for benefits — financial statement |
|
$ |
566,136,224 |
|
|
$ |
481,039,078 |
|
Adjustment from contract value to fair value for fully benefit-
responsive investment contracts |
|
|
1,769,910 |
|
|
|
1,327,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits — Form 5500 |
|
$ |
567,906,134 |
|
|
$ |
482,366,326 |
|
|
|
|
|
|
|
|
- 8 -
| |
|
|
|
|
| |
|
Year Ended |
|
| |
|
December 31, |
|
| Change in Net Assets Available for Benefits |
|
2010 |
|
Net increase in assets available for benefits — financial statement |
|
$ |
85,097,146 |
|
Adjustment from contract value to fair value for fully benefit-responsive
investment contracts: |
|
|
|
|
Current year |
|
|
1,769,910 |
|
Prior year |
|
|
(1,327,248 |
) |
|
|
|
|
| |
Net increase in assets available for benefits — Form 5500 |
|
$ |
85,539,808 |
|
|
|
|
|
6. 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.
7. TAX STATUS
The Plan received a determination letter from the IRS dated February 13, 2009, stating that the
Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and,
therefore, the related trust is exempt from taxation.
8. PARTY-IN-INTEREST TRANSACTIONS
Certain investments of the Plan are managed by the Trustee, and therefore, all transactions
involving these investments qualify as party-in-interest transactions under the provisions of
ERISA. The Plan also invests in shares of common stock of CB&I’s parent and all transactions
involving shares of CB&I’s parent also qualify as party-in-interest transactions. All of these
transactions are exempt from ERISA’s prohibited transactions rules.
- 9 -
CHICAGO BRIDGE & IRON SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2010
(Employer Identification Number 06-1477022, Plan Number 001)
| |
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|
|
|
|
| |
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|
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(c) Description of Investment |
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|
|
| |
|
|
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including maturity date, |
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(b) Identity of Issuer, Borrower, |
|
rate of interest, collateral, |
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(e) Current |
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| (a) |
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Lessor or Similar Party |
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par or maturity value |
|
Value |
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| |
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|
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|
|
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|
|
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Mutual Funds: |
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|
|
|
| * |
|
T. Rowe Price |
|
Blue Chip Growth Fund |
|
$ |
52,023,852 |
|
| * |
|
T. Rowe Price |
|
Balanced Fund |
|
|
47,014,232 |
|
| * |
|
T. Rowe Price |
|
Summit Cash Reserves Fund |
|
|
43,420,847 |
|
| * |
|
T. Rowe Price |
|
Equity Income Fund |
|
|
43,381,768 |
|
| * |
|
T. Rowe Price |
|
New Horizons Fund |
|
|
35,157,334 |
|
| * |
|
T. Rowe Price |
|
Spectrum Income Fund |
|
|
31,289,101 |
|
| * |
|
T. Rowe Price |
|
Small Cap Value Fund |
|
|
28,092,554 |
|
| * |
|
T. Rowe Price |
|
Capital Appreciation Fund |
|
|
17,846,701 |
|
| * |
|
T. Rowe Price |
|
Retirement 2020 Fund |
|
|
17,384,411 |
|
| * |
|
T. Rowe Price |
|
Spectrum Growth Fund |
|
|
16,526,671 |
|
| * |
|
T. Rowe Price |
|
Retirement 2025 Fund |
|
|
12,254,035 |
|
| * |
|
T. Rowe Price |
|
Retirement 2015 Fund |
|
|
12,246,960 |
|
| * |
|
T. Rowe Price |
|
Retirement 2030 Fund |
|
|
8,719,858 |
|
| * |
|
T. Rowe Price |
|
Retirement 2010 Fund |
|
|
8,158,196 |
|
| * |
|
T. Rowe Price |
|
Retirement 2035 Fund |
|
|
5,684,273 |
|
| * |
|
T. Rowe Price |
|
Retirement 2040 Fund |
|
|
4,977,467 |
|
| * |
|
T. Rowe Price |
|
Retirement 2045 Fund |
|
|
4,007,876 |
|
| * |
|
T. Rowe Price |
|
Retirement 2050 Fund |
|
|
3,726,227 |
|
| * |
|
T. Rowe Price |
|
Retirement 2005 Fund |
|
|
1,756,173 |
|
| * |
|
T. Rowe Price |
|
Retirement 2055 Fund |
|
|
1,717,005 |
|
| * |
|
T. Rowe Price |
|
Trade Link Investments Account |
|
|
1,453,306 |
|
| * |
|
T. Rowe Price |
|
Retirement Income Fund |
|
|
1,366,377 |
|
| |
|
American Funds |
|
Europacific Growth Fund |
|
|
34,276,323 |
|
| |
|
Vanguard |
|
Bond Market Index |
|
|
3,733,385 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
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$ |
436,214,932 |
|
| |
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|
|
Common Collective Trust Funds: |
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|
|
|
| * |
|
T. Rowe Price |
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Stable Value Fund |
|
|
48,968,041 |
|
| * |
|
T. Rowe Price |
|
Equity Index Trust Fund |
|
|
24,001,462 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
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$ |
72,969,503 |
|
| |
|
|
|
|
|
|
|
|
| * |
|
Chicago Bridge & Iron Company N. V. |
|
Common Stock |
|
|
29,948,365 |
|
| |
|
|
|
|
|
|
|
| |
|
Total Investments at Fair Value |
|
|
|
$ |
539,132,800 |
|
| |
|
|
|
|
|
|
|
|
| * |
|
Participant Loans |
|
Varying maturities and interest rates
ranging from 4.25% to 10.5%
|
|
|
9,008,360 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
Total Assets Held at End of Year |
|
|
|
$ |
548,141,160 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| * |
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Represents a party-in-interest to the Plan. |
|
|
|
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- 11 -
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the plan
administrator has duly caused this annual report to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated:
June 27, 2011
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| |
CHICAGO BRIDGE & IRON SAVINGS PLAN
|
|
| |
By: |
/s/ Stephen H. Dimlich, Jr.
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| |
|
Stephen H. Dimlich, Jr. |
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| |
|
Vice President, Corporate Human Resources of Chicago Bridge & Iron Company |
|
| |
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|
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By: |
/s/ Westley S. Stockton
|
|
| |
|
Westley S. Stockton |
|
| |
|
Vice President, Corporate Controller and Chief Accounting Officer of
Chicago Bridge & Iron Company |
|
- 12 -
Exhibit Index
| |
|
|
| Exhibit Number |
|
Description |
|
|
|
23.1
|
|
Consent of Calvetti, Ferguson & Wagner, P.C. |