UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11 - K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended....................December 31, 2001.................
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from......................to........................
Commission file number...........000-14824............[Plexus Corp.]
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
PLEXUS CORP. 401(k) SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
PLEXUS CORP.
55 JEWELERS PARK DRIVE
NEENAH, WI 54956
PLEXUS CORP.
401(k) SAVINGS PLAN
FINANCIAL STATEMENTS AND REPORT
DECEMBER 31, 2001 AND 2000
PLEXUS CORP.
401(k) SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
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Page
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Report of Independent Accountants 1
Statements of Net Assets Available for Benefits
as of December 31, 2001 and 2000 2
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 2001 3
Notes to Financial Statements 4-7
Schedule required by the Department of Labor's Rules and Regulations: *
Form 5500, Schedule of Assets (Held at End of Year)
as of December 31, 2001 8
* Other schedules required by the Department of Labor have been omitted because
they are not applicable.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator
of the Plexus Corp. 401(k) Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Plexus Corp. 401(k) Savings Plan (the "Plan") as of December 31, 2001 and
2000, and the changes in net assets available for benefits for the year ended
December 31, 2001 in conformity with accounting principles generally accepted in
the United States of America. 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 of these
statements in accordance with auditing standards generally accepted in the
United States of America, which 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) is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. This
supplemental schedule is the responsibility of the Plan's management. The
supplemental schedule has 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.
PricewaterhouseCoopers LLP
May 7, 2002
PLEXUS CORP. 401(K) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2001 AND 2000
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2001 2000
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Assets
Investments (See Note 3) $ 84,660,171 $ 89,944,551
Participant loans 3,010,849 2,739,301
Receivables:
Employer's contribution 93,180 73,977
Participants' contributions 278,203 243,955
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Total receivables 371,383 317,932
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Net assets available for benefits $ 88,042,403 $ 93,001,784
============ =============
The accompanying notes are an integral part of these financial statements.
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PLEXUS CORP. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2001
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Additions
Additions to net assets attributed to:
Investment income:
Net depreciation in fair value of investments $(11,863,420)
Interest and dividends 856,846
------------
(11,006,574)
------------
Contributions:
Participants' 8,261,042
Employer's 2,286,443
------------
10,547,485
------------
Total additions (net deductions) (459,089)
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 6,088,993
Administrative expenses 56,673
------------
Total deductions 6,145,666
Net decrease before plan transfers (6,604,755)
Transfer in from other plan 1,645,374
------------
Net decrease (4,959,381)
Net assets available for benefits:
Beginning of year 93,001,784
------------
End of year $ 88,042,403
============
The accompanying notes are an integral part of these financial statements.
- 3 -
PLEXUS CORP. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2001 AND 2000
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1. DESCRIPTION OF PLAN
The following description of the Plexus Corp. 401(k) Savings Plan (the
"Plan") provides only general information. Participants should refer to
the plan agreement for a more complete description of the Plan's
provisions.
GENERAL
The Plan, originally effective January 1, 1989 and amended and restated
effective March 1, 2000, is a contributory defined contribution plan
covering substantially all employees of Plexus Corp. (the "Company")
who have completed 90 days of service. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). Effective March 1, 2000, MFS Heritage Trust Company became
the trustee of the Plan. On April 1, 2001, the e2E Corporation 401(k) &
Profit Sharing Plan merged into the Plan.
CONTRIBUTIONS
Employee pre-tax contributions are based on voluntary elections via
phone or internet by the participants, directing the Company to defer a
stated amount from the participant's compensation. Participants may
elect to defer up to 18% of their annual compensation. The Company will
make a matching contribution on behalf of a participant equal to 100%
of the first 2.5% of the participant's elective deferrals for
participants who have completed one year of service. Contributions are
limited by Section 401(k) of the Internal Revenue Code.
INVESTMENT ALTERNATIVES
Plan participants may direct their entire account balances in 1%
increments to any of the various investment options offered by the
Plan. Participants may change their investment options on a daily
basis.
PARTICIPANT ACCOUNTS AND ALLOCATIONS
Participant record keeping is performed by MFS Retirement Services,
Inc. ("MFS"). For all investment programs which are mutual funds, MFS
maintains participant balances on a share method. Participant
investments in the Plexus Unitized Stock Fund, Conservative Portfolio
Option, Moderate Portfolio Option, Aggressive Portfolio Option, and MFS
Fixed Fund are accounted for on a unit value method. Units and unit
values for these funds as of December 31, 2001 and 2000 were as
follows:
Units Unit Value
----------------------------- ---------------------------
December 31, December 31,
----------------------------- ---------------------------
2001 2000 2001 2000
----------- ----------- ----------- -----------
Plexus Unitized Stock Fund 3,391,372 3,794,128 $ 9.80 $ 11.12
Conservative Portfolio Option 76,942 38,908 9.89 10.09
Moderate Portfolio Option 98,710 40,550 8.72 9.86
Aggressive Portfolio Option 212,744 126,433 7.24 9.01
MFS Fixed Fund 8,609,236 3,289,130 1.00 1.00
- 4 -
PLEXUS CORP. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2001 AND 2000
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Each participant's account is credited with the participant's
contributions and allocations of Company contributions and plan
earnings (losses). Allocations of plan earnings (losses) are based on
participant account balances in relation to total fund account
balances, as defined by the plan document.
VESTING AND DISTRIBUTIONS
Participants immediately vest in all contributions made to the Plan.
Participant accounts are distributable in the form of a lump sum
payment or substantially equal installments of cash or in whole shares
of Company securities as elected by the participant upon retirement,
termination of employment, death, disability, financial hardship or
attainment of age 59-1/2. In addition, participant accounts can be
rolled over into an individual retirement account ("IRA") or another
qualified defined contribution plan. Participant distributions may not
be deferred past April 1 of the calendar year following the year in
which the participant attains age 70-1/2. Forfeitures of unclaimed
distributions are used to reduce Company matching contributions.
PARTICIPANT LOANS
Effective March 1, 2000, participants may borrow from their accounts a
minimum of $1,000 up to a maximum amount equal to the lesser of $50,000
or 50 percent of their vested account balance. Loan terms range up to
five years. Loans are secured by the balance in the participant's
account and bear interest at the prime rate plus one percent. Principal
and interest is paid ratably through regular payroll deductions.
2. SUMMARY OF ACCOUNTING POLICIES
ACCOUNTING METHOD
The financial statements of the Plan are prepared under the accrual
method of accounting.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets,
liabilities, and changes therein, and disclosure of contingent assets
and liabilities. Actual results could differ from those estimates.
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. The share value of
mutual funds is based on quoted market prices on the last business day
of the plan year. The unit value of unitized funds and common trust
funds is computed daily based on share price, dividend information and
the value of the fund's short-term investments. Participant loans are
stated at cost, which approximates fair value. The Plan presents in the
statement of changes in net assets available for benefits, the net
appreciation in the fair value of its investments which consists of the
realized gains or losses and the unrealized appreciation (depreciation)
on those investments. Purchases and sales of investments are recorded
on a trade-date basis. Dividends are recorded on the ex-dividend date.
Interest is recognized when earned.
RISKS AND UNCERTAINTIES
The Plan's investments are exposed to various risks, such as interest
rate, market and credit risks. Due to the level of risk associated with
certain investments and the level of uncertainty related to changes in
the values of investments, it is at least reasonably possible that
changes in risks in the
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PLEXUS CORP. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2001 AND 2000
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near term would materially affect participants' account balances and
the amounts reported in the statements of net assets available for
benefits and the statement of changes in net assets available for
benefits.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
ADMINISTRATIVE EXPENSES
Certain expenses incurred in the administration of the Plan are paid by
the Company and are not reflected within these financial statements.
3. INVESTMENTS
The following presents investments that represent 5 percent or more
of the Plan's net assets:
December 31,
---------------------------------
2001 2000
------------ ------------
Plexus Corp. Common Stock, 1,209,726 and
1,388,309 shares, respectively $ 32,130,322 $ 42,190,708
MFS Capital Opportunities Fund, 636,835 and
519,745 shares, respectively 8,552,700 9,298,245
Munder Index 500 Fund, 287,979 and 230,013
shares, respectively 6,897,086 6,346,057
MFS Value Fund, 294,242 and 274,389
shares, respectively 5,714,175 5,830,772
MFS Mid Cap Growth Fund, 600,709 and
539,869 shares, respectively 6,583,769 7,390,809
MFS New Discovery Fund, 273,935 and
239,554 shares, respectively 4,708,936 4,340,718
MFS Fixed Fund, 8,609,236 and
3,289,130 units, respectively 8,609,236 3,289,130
During 2001, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year)
depreciated in value by $(11,863,420), as follows:
Mutual funds $ (7,895,140)
Common stock (3,968,280)
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$ (11,863,420)
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PLEXUS CORP. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2001 AND 2000
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4. AMOUNTS ALLOCATED TO WITHDRAWN PARTICIPANTS
Approximately $6,640,836 and $6,756,293 of plan assets have been
allocated to the accounts of persons who are no longer active
participants of the Plan as of December 31, 2001 and 2000,
respectively, but who have not yet received distributions as of that
date.
5. TAX STATUS
The Internal Revenue Service has determined and informed the Company by
a letter dated May 6, 1998, that the Plan is designed in accordance
with applicable sections of the Internal Revenue Code ("IRC"). The Plan
has been amended since receiving the determination letter. However, the
plan administrator believes that the Plan is designed and is currently
being operated in compliance with the applicable requirements of the
IRC.
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.
7. RELATED PARTY TRANSACTIONS
Certain plan investments represent shares of funds managed by MFS
Heritage Trust Company, the trustee of the Plan, employer securities
and participant loans. These transactions are considered
party-in-interest transactions. These transactions are not, however,
considered prohibited transactions under 29 CFR 408(b) of the ERISA
regulations.
8. SUBSEQUENT EVENT
Effective January 1, 2002, the Qtron, Inc. 401(k) Profit Sharing Plan
was merged into the Plan.
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PLEXUS CORP. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2001
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Identity of Issuer,
Borrower, Lessor Current
or Similar Party Description of Investment Value
--------------------------------------------- ----------------------------------- ----------------
* Plexus Corp. Common Stock Common Stock $ 32,130,322
* MFS Capital Opportunities Fund Mutual Fund 8,552,700
* MFS Strategic Income Fund Mutual Fund 1,744,302
* MFS Mid Cap Growth Fund Mutual Fund 6,583,769
* MFS Value Fund Mutual Fund 5,714,175
* MFS New Discovery Fund Mutual Fund 4,708,936
* MFS Fixed Fund Common Trust Fund 8,609,236
American EuroPacific Growth Fund Mutual Fund 4,369,813
INVESCO Balanced Fund Mutual Fund 1,563,626
Janus Aspen Worldwide Fund Mutual Fund 2,138,013
Janus Aspen Aggressive Growth Fund Mutual Fund 733,005
Munder Index 500 Fund Mutual Fund 6,897,086
Dreyfus Premier Technology Fund Mutual Fund 915,188
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$ 84,660,171
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* Participant Loans Interest rates ranging from 5.75%
to 10.50%; maturity dates ranging
from 2002 to 2006 $ 3,010,849
=============
* Party-in-interest.
See Report of Independent Accountants.
- 8 -
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.
PLEXUS CORP. EMPLOYEE STOCK SAVINGS PLAN
Date: June 26, 2002
/s/ Jos. D. Kaufman
---------------------------------------
Joseph D. Kaufman
Employee Stock Savings Plan Fiduciary
Committee Member