[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the year ended December 31, 2014
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ______________
Commission File Number 1 - 12777
A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
AZZ incorporated Employee Benefit Plan & Trust
B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
AZZ incorporated
One Museum Place
3100 West 7th Street, Suite 500
Fort Worth, Texas 76107
REQUIRED INFORMATION
The AZZ incorporated Employee Benefit Plan & Trust is subject to the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Attached hereto is a copy of the most recent financial statements and schedules of the AZZ incorporated Employee Benefit Plan & Trust prepared in accordance with the financial reporting requirements of ERISA.
AZZ incorporated
Employee Benefit Plan and Trust
Financial Statements
Years Ended December 31, 2014 and December 31, 2013
with Report of Independent
Registered Public Accounting Firm
Table of Contents
Report of Independent Registered Public Accounting Firm | 1 | |
Financial Statements: | ||
Statements of Net Assets Available for Benefits | 2 | |
Statements of Changes in Net Assets Available for Benefits | 3 | |
Notes to Financial Statements | 4 | |
Supplemental Schedule: | ||
Form 5500, Schedule H, line 4i - Schedule of Assets (Held at End of Year) | 12 | |
Form 5500, Schedule H, line 4a - Schedule of Delinquent Participant Contributions | 13 | |
Signatures | 14 | |
Exhibit Index | 15 | |
NOTE: | All other schedules required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted since they are either not applicable or the information required therein has been included in the financial statements or notes thereto. |
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Plan Administrator of the
AZZ incorporated Employee Benefit Plan and Trust
Fort Worth, Texas
We have audited the accompanying statements of net assets available for benefits of AZZ incorporated Employee Benefit Plan and Trust (the Plan) as of December 31, 2014 and 2013, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of AZZ incorporated Employee Benefit Plan and Trust as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules, Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2014 and Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the year ended December 31, 2014, 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 Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits 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.
WEAVER AND TIDWELL, L.L.P.
Dallas, Texas
July 10, 2015
AN INDEPENDENT MEMBER OF BAKER TILLY INTERNATIONAL | WEAVER AND TIDWELL LLP CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS | 12221 MERIT DRIVE, SUITE 1400, DALLAS, TX 75251 P: 972.490.1970 F: 972.702.8321 |
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AZZ incorporated Employee Benefit Plan and Trust | ||||||||||
Statements of Net Assets Available for Benefits | ||||||||||
December 31, 2014 | December 31, 2013 | |||||||||
Assets | ||||||||||
Investments, at fair value: | ||||||||||
Shares of registered investment companies: | ||||||||||
Mutual funds | $ | 88,795,361 | $ | 84,541,692 | ||||||
AZZ incorporated common stock | 844,580 | 1,007,860 | ||||||||
Money market fund | 5,740,358 | 6,200,305 | ||||||||
Total investments | 95,380,299 | 91,749,857 | ||||||||
Receivables: | ||||||||||
Employer contributions | 280,186 | 212,574 | ||||||||
Participant contributions | 328,480 | 190,319 | ||||||||
Notes receivable from participants | 4,255,639 | 3,993,047 | ||||||||
Other | — | 80,613 | ||||||||
Total receivables | 4,864,305 | 4,476,553 | ||||||||
Total assets | 100,244,604 | 96,226,410 | ||||||||
Liabilities | — | — | ||||||||
Net Assets Available for Benefits | $ | 100,244,604 | $ | 96,226,410 | ||||||
See accompanying notes to financial statements. 2
AZZ incorporated Employee Benefit Plan and Trust | |||||||||
Statements of Changes in Net Assets Available for Benefits | |||||||||
Year Ended | Year Ended | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Additions to Net Assets | |||||||||
Investment income: | |||||||||
Interest and dividend income | $ | 6,070,559 | $ | 2,965,525 | |||||
Net realized and unrealized gain (loss) | (800,954 | ) | 11,027,309 | ||||||
Total investment income | 5,269,605 | 13,992,834 | |||||||
Contributions received or receivable: | |||||||||
Employer | 3,617,393 | 11,369,636 | |||||||
Participants | 7,460,327 | 6,227,969 | |||||||
Others (including rollovers) | 472,009 | 8,981,197 | |||||||
Total contributions | 11,549,729 | 26,578,802 | |||||||
Total additions | 16,819,334 | 40,571,636 | |||||||
Deductions from Net Assets | |||||||||
Benefits paid to participants | 12,655,282 | 11,429,079 | |||||||
Other fees/expenses | 145,858 | 100,831 | |||||||
Total Deductions | 12,801,140 | 11,529,910 | |||||||
Net increase in net assets available for benefits | 4,018,194 | 29,041,726 | |||||||
Net assets available for benefits at beginning of year | 96,226,410 | 67,184,684 | |||||||
Net assets available for benefits at end of year | $ | 100,244,604 | $ | 96,226,410 | |||||
See accompanying notes to financial statements. 3
AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements
A. Description of the Plan
The following description of the AZZ incorporated Employee Benefit Plan and Trust (the “Plan”) provides only general information. The Plan is sponsored by AZZ incorporated (the “Company”). Participants should refer to the Plan Agreement or Summary Plan Description for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan covering substantially all full-time employees of the Company and its affiliates who have completed ninety days of service and attained 18 years of age. Eligibility for profit sharing begins after one year of service.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Effective March 1, 2008, the Plan was amended to become a safe-harbor Qualified Automatic Contribution Arrangement (“QACA”), pursuant to Section 401(k)(13) of the Code, as added by the Pension Protection Act of 2006.
Effective August 1, 2009, the Company adopted the Mass Mutual Defined Contribution Prototype Plan and Trust and appointed State Street Trust as trustee of the trust established under the Plan. Plan assets were moved to Mass Mutual effective August 1, 2009.
Effective June 3, 2011, the trustee of the plan was changed from State Street Trust to Reliance Trust Company.
Contributions
Participants may elect to contribute from 1% to 50% of their eligible compensation, subject to Internal Revenue Service (“IRS”) limitations. The Company provides discretionary matching contributions equal to a percentage of participant contributions as determined annually by the Company’s Board of Directors.
Participants may elect to commence voluntary contributions or modify the amount of voluntary contributions made on the first day of each quarter within the Plan year.
Participants who are eligible to make salary deferral contributions under the Plan and who have attained age 50 before the close of the Plan year may make catch-up contributions in accordance with, and subject to the limitations imposed by the Code.
Historically, the Company has contributed discretionary profit sharing amounts to the Plan as determined annually by the Company’s Board of Directors. Effective March 1, 2013 for the Company’s fiscal year ending February 28, 2014 and going forward, any profit sharing amounts authorized by the Company’s Board of Directors will be deposited in a new plan. All profit sharing amounts contributed to this plan in the past will remain in this plan and be subject to the vesting and forfeiture provisions relevant to such employer contributions as in the past.
Participant Accounts
A separate account is maintained for each participant and is credited with participant contributions, Company contributions, and actual earnings thereon as well as forfeitures of terminated participants’ non-vested accounts.
4
AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements (continued)
Forfeited Accounts
Forfeited balances of terminated participants’ non-vested accounts are first used to pay plan expenses and any remainder is to be reallocated among the remaining participants in the proportion that each participant’s compensation for the period bears to the total compensation of all participants for the period. Reallocation will be completed the period following in which the forfeiture occurs.
At December 31, 2014 and December 31, 2013, net assets available for benefits included approximately $65,423 and $143,351 of unallocated forfeitures respectively. Unallocated forfeiture amounts at December 31, 2014 will be appropriately allocated during the 2015 Plan year. $252,024 of unallocated forfeiture amounts were allocated during the current period.
Investment Options
Unless specifically electing not to defer, all employees are automatically enrolled in the plan in accordance with the terms and provisions of the Safe Harbor Amendment. Participants may direct contributions to their account in a variety of investment options, which vary in degree of risk, with the exception of AZZ incorporated common stock for which participants may only hold or sell existing shares. Participants may change their investment options at any time. Investments are held by Mass Mutual, the record keeper, funding agent, and a party-in-interest. Under a trust agreement with the Company, Reliance Trust Company is the directed trustee. The Plan’s assets are invested in accordance with directions provided by the Company.
Vesting
Participant contributions to the Plan plus actual earnings or losses thereon are fully vested at all times. The participant’s share of matching contributions and profit sharing contributions and earnings and losses thereon which were contributed to the plan prior to March 1, 2008 vest in accordance with the following schedule:
Years of Service | Vesting Percentage | ||
Less than 1 year | 0 | % | |
1 year | 20 | % | |
2 years | 40 | % | |
3 years | 60 | % | |
4 years | 80 | % | |
5 years | 100 | % | |
Effective March 1, 2008, the participants of Qualified Automatic Contribution Agreement (“QACA”) matching contributions and earnings and losses thereon vest in accordance with the Safe Harbor provisions and the following schedule:
Years of Service | Vesting Percentage | ||
Less than 2 years | 0 | % | |
2 years | 100 | % | |
Profit sharing contributions continue to vest over the five year vesting schedule.
Participants will vest 100% upon attainment of age 65, or in the event of death or disability while employed by the Company.
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AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements (continued)
Notes Receivable from Participants
Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to fifteen (15) years. The loans are secured by the balance in the participant’s account and bear interest at prime at the time of loan origination. Interest rates for loans at the end of 2014 ranged from 3.25% to 7.25%. Principal and interest are paid ratably through payroll deductions.
Participant Withdrawals
On termination of service, if a participant’s vested benefits are less than $1,000, the benefit is payable in a lump sum. If the vested benefit is greater than $1,000, the participant may elect to receive either a lump-sum amount or annual installments over a period not to exceed the life expectancy of the participant and the participant’s beneficiary. Prior to termination of service, a participant may elect to receive all or any portion of their accrued benefit if the participant has participated in the Plan at least five years and is 100% vested.
B. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results may differ from these estimates.
Investment Valuation and Income Recognition
The investments of the Plan are stated at fair value as of the end of the Plan period.
Purchases and sales of securities are recorded on the trade dates. Gains or losses on sales of securities are calculated using the average cost of the securities sold. Interest income is recorded on the accrual basis.
All investments and un-invested cash were held by Mass Mutual under a trust agreement. The Plan’s investments are generally subject to market or credit risks customarily associated with debt and equity investments.
Notes Receivable from Participants
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest.
Contributions
Participant and employer contributions are accrued in the period in which they are deducted in accordance with salary deferral agreements and as they become obligations of the Company, as determined by the Plan’s administrator.
Payment of Benefits
Benefits are recorded when paid.
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AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements (continued)
Plan Expenses
Employees of the Company perform certain administrative functions with no compensation from the Plan. The Company or the Plan pays administrative expenses of the Plan. Administrative expenses paid by the Plan are properly reflected in the accompanying statements of changes in net assets available for benefits.
Subsequent Events
The Plan evaluated all events or transactions that occurred after December 31, 2014 through July 10, 2015 the date these financial statements were issued.
C. Investments
At December 31, 2014 and December 31, 2013, individual investments that represented 5% or more of net assets available for benefits were as follows:
December 31, 2014 | ||||
MFS Value Fund | $ | 9,822,867 | ||
Premier Money Market Fund | 5,706,841 | |||
American Century Growth Fund | 11,481,379 | |||
American Funds EuroPacific Growth Fund | 6,693,588 | |||
Northern Trust Select - Indexed Equity Fund | 6,437,377 | |||
PIMCO Total Return Fund | 10,476,624 | |||
Columbia Mid-Cap Growth Fund | 6,366,886 | |||
T. Rowe Price Indexed 2025 Retirement Fund | 6,163,654 | |||
T. Rowe Price Indexed 2030 Retirement Fund | 7,287,005 | |||
December 31, 2013 | ||||
MFS Value Fund | $ | 9,623,271 | ||
Premier Money Market Fund | 6,167,324 | |||
American Century Growth Fund | 10,444,855 | |||
American Funds EuroPacific Growth Fund | 7,156,558 | |||
Mass Mutual Select - Indexed Equity fund | 5,659,817 | |||
PIMCO Total Return Fund | 10,468,359 | |||
Columbia Mid-Cap Growth Fund | 7,316,474 | |||
T. Rowe Price Indexed 2025 Retirement Fund | 5,825,507 | |||
T. Rowe Price Indexed 2030 Retirement Fund | 6,974,088 | |||
During the plan years ended December 31, 2014 and December 31, 2013 net realized and unrealized gains (losses) were comprised of the following:
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AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements (continued)
December 31, 2014 | December 31, 2013 | ||||
Mutual funds | (765,866 | ) | 10,806,347 | ||
AZZ incorporated common stock | (35,088 | ) | 220,962 | ||
Net realized and unrealized gains (losses) | (800,954 | ) | 11,027,309 | ||
D. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy has been established that is used to identify assets and liabilities measured at fair value. The hierarchy focuses on the inputs used to measure fair value and requires that the lowest level input be used. The three levels are defined as follows:
- Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the reporting date.
- Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
- Level 3: Unobservable inputs that are not corroborated by market data.
A description of the methodologies used to measure the fair value of assets and liabilities follows. These methodologies were consistently applied to all assets carried as of December 31, 2014 and December 31, 2013. The methodology used to measure each major category of assets and liabilities is as follows:
- Mutual funds: Valued based on quoted market prices of the underlying assets provided by the trustee and are classified within Level 1 of the valuation hierarchy.
- Common stock: Valued at the closing price reported on the active market on which the individual securities are traded and classified within Level 1 of the valuation hierarchy.
- Money market fund: Valued based on the short-term cash component as of the measurement date and classified within Level 1 of the valuation hierarchy.
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AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements (continued)
Fair Value Measurements at December 31, 2014 | ||||||||||||
Total Carrying Value as of December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Common Stock | $ | 844,580 | $ | 844,580 | ||||||||
Growth Funds | 24,541,853 | 24,541,853 | ||||||||||
Income Funds | 563,437 | 563,437 | ||||||||||
Indexed Equity Funds | 6,437,377 | 6,437,377 | ||||||||||
Total Return Funds | 10,476,624 | 10,476,624 | ||||||||||
Target Date Funds | 36,953,203 | 36,953,203 | ||||||||||
Money Market Funds | 5,740,358 | 5,740,358 | ||||||||||
Value Fund | 9,822,867 | 9,822,867 | ||||||||||
Total Investments at Fair Value | $ | 95,380,299 | $ | 95,380,299 | ||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||
Total Carrying Value as of December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Common Stock | $ | 1,007,860 | $ | 1,007,860 | ||||||||
Growth Funds | 24,917,887 | 24,917,887 | ||||||||||
Income Funds | 187,852 | 187,852 | ||||||||||
Indexed Equity Funds | 5,659,817 | 5,659,817 | ||||||||||
Total Return Funds | 10,468,359 | 10,468,359 | ||||||||||
Target Date Funds | 33,684,506 | 33,684,506 | ||||||||||
Money Market Funds | 6,200,305 | 6,200,305 | ||||||||||
Value Fund | 9,623,271 | 9,623,271 | ||||||||||
Total Investments at Fair Value | $ | 91,749,857 | $ | 91,749,857 | ||||||||
E. 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.
F. Income Tax Status
The plan obtained its latest determination letter on January 4, 2012, in which the Internal Revenue Service stated that the plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The plan has been amended since receiving the determination letter. However, the plan administrator and the plan’s tax counsel believe that the plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code.
Effective March 1, 2008, the Plan was amended to become a safe-harbor Qualified Automatic Contribution Arrangement (“QACA”), pursuant to Section 401(k)(13) of the Code, as added by the Pension Protection Act of 2006. As required
9
AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements (continued)
by section 401(k) of the Code, the Plan provides that employees may not receive a distribution of their employee deferral contributions while actively employed by AZZ, unless they have attained age 59½, or have experienced a financial hardship.
GAAP requires Plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2014 and December 31, 2013, there were no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) and believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust continues to be tax exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
The Plan is subject to routine audits by taxing jurisdictions. The Internal Revenue Service initiated a review of the Plan in 2013. The review of the Plan has not been completed as of December 31, 2014. The plan’s management believes it is no longer subject to income tax examinations for years prior to 2011.
G. Plan Amendments
Effective January 1, 2013, the plan was amended to exclude all fringe benefits, expense reimbursements, deferred compensation and welfare benefits from plan compensation for deferral and employer contributions other than matching contributions; that plan compensation shall be deemed “§125 compensation” as defined in section 1.126 of the plan, and to change the compensation period and period for determining the employer contribution to that of the company fiscal year: March 1 to February 28.
Effective April 1, 2013, the plan was amended to add Aquilex SMS LLC, Aquilex Specialty Repair and Overhaul LLC and Aquilex WSI LLC as related employers, to update the ‘service with a predecessor employer’ information to include Aquilex SMS LLC, Aquilex Specialty Repair and Overhaul LLC and Aquilex WSI LLC and to identify protected benefits specific to participants rolling into the plan from Aquilex SMS LLC, Aquilex Specialty Repair and Overhaul LLC.
Effective July 11, 2014, the plan was amended to add AZZ Galvanizing - Minneapolis as a related and participating partner and to update the ‘service with a predecessor employer’ information to include Zalk Steel and Supply Co.
H. Party-In-Interest Transactions
Certain investments of the Plan include shares of common stock of AZZ incorporated, the plan sponsor. Transactions in the stock qualify as party-in-interest transactions. At December 31, 2014 and 2013, the Plan held 17,399 shares and 19,880 shares, respectively, of AZZ common stock. For the years ended December 31, 2014 and December 31, 2013, the Plan recorded an investment loss on the AZZ stock of $35,088 and an investment gain of $202,962, respectively.
Certain Plan investments are shares of mutual funds managed by Fidelity Management Trust Company. Fidelity Management Trust Company is the trustee as defined by the Plan and, therefore, these transactions qualify as exempt party-in-interest transactions.
I. Delinquent Participant Contributions
During the year ended December 31, 2014, the Company failed to segregate certain participant contributions (salary reduction and loan repayment amounts) from its general assets within the time period as specified by DOL regulations. Failure to segregate and remit employee contributions within the specified time period is a prohibited transaction according to the provisions of ERISA and the Internal Revenue Code.
The contributions that were not segregated and remitted in a timely manner totaled $2,599,772 for the year ended December 31, 2014. In 2014, the Company remitted to the plan $2,543,314 of the delayed deferral contributions.
10
AZZ incorporated Employee Benefit Plan and Trust
Notes to Financial Statements (continued)
During 2015, the Company remitted the remaining delayed deferral contributions to the plan in the amount of $56,458 plus lost earnings of $961 related to the usage of funds.
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SUPPLEMENTARY INFORMATION
AZZ incorporated
Employee Benefit Plan and Trust
Plan 001, EIN 75-0948250
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2014
(a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par or maturity value | (d) Cost | (e) Current Value | ||||||
* | Mass Mutual | Holding Account | ** | $ | 33,517 | |||||
Columbia Acorn Fund | Mid Cap Growth Fund | ** | 6,366,886 | |||||||
* | Mass Mutual | Premier Money Market Fund | ** | 5,706,841 | ||||||
* | Northern Tr Select (MF-X) | Indexed Equity Fund | ** | 6,437,377 | ||||||
MFS Investment Management | Value Fund | ** | 9,822,867 | |||||||
T. Rowe Price | Retirement 2005 Fund | ** | 91,505 | |||||||
T. Rowe Price | Retirement 2010 Fund | ** | 1,579,751 | |||||||
T. Rowe Price | Retirement 2015 Fund | ** | 3,016,781 | |||||||
T. Rowe Price | Retirement 2020 Fund | ** | 4,647,430 | |||||||
T. Rowe Price | Retirement 2025 Fund | ** | 6,163,654 | |||||||
T. Rowe Price | Retirement 2030 Fund | ** | 7,287,005 | |||||||
T. Rowe Price | Retirement 2035 Fund | ** | 3,954,708 | |||||||
T. Rowe Price | Retirement 2040 Fund | ** | 3,948,645 | |||||||
T. Rowe Price | Retirement 2045 Fund | ** | 3,032,173 | |||||||
T. Rowe Price | Retirement 2050 Fund | ** | 2,223,527 | |||||||
T. Rowe Price | Retirement 2055 Fund | ** | 1,008,024 | |||||||
T. Rowe Price | Income Fund | ** | 563,437 | |||||||
American Funds | EuroPacific Growth Fund | ** | 6,693,588 | |||||||
PIMCO | Total Return Fund | ** | 10,476,624 | |||||||
American Century Growth Fund | Growth Fund | ** | 11,481,379 | |||||||
* | AZZ incorporated | AZZ incorporated common stock | ** | 844,580 | ||||||
Participant Notes Receivable | Interest rates ranging from 3.25% to 7.25% maturing at various dates through 2017 | — | 4,255,639 | |||||||
$ | 99,635,938 | |||||||||
* | Represents a party-in-interest to the Plan. | |||||||||
** | Cost omitted for participant directed investments. | |||||||||
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SUPPLEMENTARY INFORMATION
AZZ incorporated
Employee Benefit Plan and Trust
Plan 001, EIN 75-0948250
Form 5500, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions
For the Year Ended December 31, 2014
Participant Contributions Transferred Late to Plan | Total that Constitute Nonexempt Prohibited Transactions | Total Fully Corrected Under VFCP and PTE 2002-51 | ||||||
Check Here if Late Participant Loan Repayments are included: | Contributions Not Corrected | Contributions Corrected Outside VFCP | Contributions Pending Correction in VFCP | |||||
X | — | — | 2,599,772 | — | ||||
13
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
AZZ incorporated Employee Benefit Plan and Trust | ||
(Name of Plan) | ||
DATE: July 10, 2015 | By: | /s/ Debbie R. Forester |
Debbie R. Forester | ||
Vice President, Human Resources and Plan Administrator | ||
14
EXHIBIT INDEX
23.1 | Consent of Weaver and Tidwell, L.L.P. (Filed herewith) | |
15