| þ | ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
| B. | Name of issue of the securities held pursuant to the plan and the address of its principal executive office: |
| 1 | ||||
Financial Statements: |
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| 4 | ||||
| 5 | ||||
| 6 | ||||
Supplemental Schedule: |
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| 19 | ||||
Exhibit |
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Exhibit 23.1 — Consent of Independent Auditors |
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Exhibit 23.2 — Consent of Independent Auditors |
| CERNER CORPORATION FOUNDATIONS RETIREMENT PLAN |
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| Dated: June 29, 2010 | By: | /s/ Marc G. Naughton | ||
| Marc G. Naughton | ||||
| Executive Vice President & Chief Financial Officer | ||||
2
1
2
3
| (Note 11) | ||||||||
| December 31, | December 31, | |||||||
| 2009 | 2008 | |||||||
Investments at fair value (See Note 3): |
||||||||
Cerner Corporation Common Stock |
$ | 323,938,345 | $ | 158,576,279 | ||||
Mutual Funds |
252,181,047 | 160,720,211 | ||||||
Self Directed Brokerage Fund |
19,171,810 | 12,155,461 | ||||||
Stable Value Fund |
31,877,702 | 26,571,079 | ||||||
Loans to participants |
5,273,778 | 4,491,471 | ||||||
Total investments |
632,442,682 | 362,514,501 | ||||||
Cash |
— | 50,000 | ||||||
Company contributions receivable |
2,354,717 | — | ||||||
Other receivable |
160,837 | 13,021 | ||||||
Total receivables |
2,515,554 | 13,021 | ||||||
Net assets reflecting all investments at fair value |
634,958,236 | 362,577,522 | ||||||
Adjustment from fair value to contract value for
fully benefit-responsive investment contracts |
89,340 | 843,266 | ||||||
Net assets available for benefits |
$ | 635,047,576 | $ | 363,420,788 | ||||
4
| For the Year Ended | ||||
| December 31, | ||||
| 2009 | ||||
Additions to net assets attributed to: |
||||
Net appreciation in fair value of investments |
$ | 237,729,111 | ||
Participant contributions |
38,475,763 | |||
Rollover contributions |
833,583 | |||
Company contributions |
13,323,797 | |||
Interest, dividends, and other investment income |
6,720,885 | |||
Total additions |
297,083,139 | |||
Deductions from net assets attributed to: |
||||
Distributions to participants |
25,313,163 | |||
Administrative expenses |
143,188 | |||
Total deductions |
25,456,351 | |||
Net increase |
271,626,788 | |||
Net assets available for benefits at beginning of the year, (Note 11) |
363,420,788 | |||
Net assets available for benefits at end of the year |
$ | 635,047,576 | ||
5
| (1) | Description of the Plan | |
| The following brief description of the Cerner Corporation Foundation Retirement Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document or Summary Plan Description for a more complete description of the Plan’s provisions, which are available from the plan administrator. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). | ||
| General | ||
| The Plan was adopted by the board of directors of Cerner Corporation (the Company or Employer) effective November 1, 1987. All associates of the Company are eligible for participation in the Plan upon attaining age 18 except for the following: |
| • | Associates whose employment is governed by a collective bargaining agreement under which retirement benefits were the subject of good faith bargaining, unless such agreement expressly provides for participation in the Plan; | ||
| • | Certain non-resident aliens who have no earned income from sources within the United States of America; | ||
| • | Leased associates; and | ||
| • | Associates who were previously not treated as associates of the Company, but who are reclassified as being common law employees of the Company. |
| Participant Contributions | ||
| Participants may elect to make pre-tax contributions from 1% to 80% of their eligible compensation each year to the Plan, subject to certain Internal Revenue Code (IRC) limitations (not to exceed $16,500 in 2009). New participants will automatically have 3% withheld from their compensation, unless they elect a different percentage or to not defer in the Plan. Additionally, participants who attained the age of 50 during 2009 were able to contribute an additional $5,500 in catch-up contributions. Participants also may generally contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. |
6
| (1) | Description of the Plan (continued) | |
| Company Contributions — First-Tier Match | ||
| If the Company elects in a given plan year to make the first-tier match, all eligible participants contributing to the Plan will receive a matching contribution equal to 33% of the participant’s deferral contribution. No first-tier match will be made on the participant’s deferral contributions in excess of 6% of the participant’s eligible compensation, as defined by the Plan. The first-tier match is discretionary, and the above percentages are subject to change by the Plan administrator. A discretionary first-tier “true-up” contribution also may be made at the end of the Plan year. Participants must be employed on the last day of the Plan year and have completed 92 consecutive days of service to be eligible for the “true-up” contribution. First-tier contributions are invested directly in Company common stock. Participants can diversify their first-tier company match after they have completed three years of service, even though they are only 60% vested at that time. For the year ended December 31, 2009, the Company contributed $8,584,668 in first-tier matching and true-up contributions. | ||
| Company Contributions — Second-Tier Match | ||
| The Company, at its discretion, may elect to make a second-tier match to the Plan. The contribution will be equal to a certain percentage of the participant’s paid base compensation, as defined by the Plan. The percentage is determined by the Company and is dependent on whether certain Company financial metrics meet or exceed pre-established benchmarks. Participants who completed 92 consecutive days of service, and are employed as of the last day of the Plan year are eligible to receive any approved second-tier match. To be eligible to receive the second-tier match contribution, participants must defer at least 2% of their paid base compensation. Second-tier contributions are invested directly in Company common stock. Participants can diversify their second-tier company match after they have completed three years of service, even though they are only 60% vested at that time. For the year ended December 31, 2009, the Company contributed $3,191,082 in the second-tier matching contributions. The second-tier match was offset by the forfeiture balance as of the end of the Plan year, forfeitures used totaled $1,142,365 for the 2009 Plan year. | ||
| Company Contributions — Profit Sharing | ||
| The Company may also, at its discretion, make an additional profit sharing contribution to the Plan. If such contribution is made, it will be allocated among eligible participants based on each participant’s W-2 compensation. Participants are eligible for the profit sharing contribution if they are employed on the last day of the Plan year and completed 92 consecutive days of employment with the Company during the Plan year. Profit sharing contributions are invested directly in Company common stock. Participants can diversify their profit sharing company contribution after they have completed three years of service, even though they are only 60% vested at that time. For the year ended December 31, 2009 the Company did not make a profit sharing contribution. |
7
| (1) | Description of the Plan (continued) | |
| Participant Accounts | ||
| Each participant’s account is credited with the participant’s and the Company’s contributions and allocations of Plan earnings. Participants accounts will also be charged the applicable expense ratio for the funds in which such participant invests. Allocations are based on relative account balances. The benefit to which the participant is entitled is the benefit that can be provided from the participant’s vested account. | ||
| Vesting | ||
| Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company’s contribution portion of their account is based on years of service. Participants vest 20% in Company contributions after one year of service and 20% for each additional year of service until a participant is 100% vested upon completing five years of service. Participants become fully vested in their account balance upon normal retirement, permanent disability, or death. | ||
| Participant Loans | ||
| Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000, or 50% of their vested account balance, whichever is less. Loan terms may not exceed 5 years, except for the purchase of a primary residence, in which case the duration may be extended not to exceed 10 years. The loans are secured by the balance in the participant’s account and bear interest at current prime rate plus 1%, which is commensurate with local prevailing rates as determined by the Plan administrator. Interest rates on loans as of December 31, 2009 range from 4.25% to 10.50%. Principal and interest is paid ratably through scheduled payroll deductions. | ||
| Payments of Benefits and Transfers | ||
| Upon termination of service due to normal retirement, permanent disability, or death, a participant may elect to receive a lump-sum amount equal to the value of the participant’s vested interest in the participant’s account. For termination of service for other reasons, a participant may receive the value of the vested interest in the participant’s account as a lump-sum distribution. The Plan Administrator permits in-kind distributions of Cerner Common Stock. In such a case, only whole shares shall be distributed and the value of any fractional share will be distributed in cash. | ||
| Within a participant’s account, the participant may make up to 12 transfers out of the Company stock per calendar year with no limit to the amount of stock the participant can move in any one transfer. These transfer provisions relate to Company stock held in a participant’s account relating to participant contributions. Transfers out of Company stock held in a participant’s account relating to Company contributions are prohibited until a participant has at least three years of service with the Company or in the event of termination of employment with the Company. |
8
| (1) | Description of the Plan (continued) | |
| Payments of Benefits and Transfers (continued) | ||
| If a participant leaves employment and their vested benefit is less than $5,000 (excluding amounts attributable to rollovers), a lump sum distribution will be made to the participant within a reasonable time after the termination of employment. This will occur regardless of whether the participant has consented to the distribution. If the value of the vested benefit is more than $1,000 and does not exceed $5,000, and the participant does not consent to the distribution or does not inform the Plan where they would like the distribution to be paid, the Plan will roll the distribution over to an individual retirement plan account designated by the Administrator. | ||
| Forfeited Accounts | ||
| At December 31, 2009 and 2008, forfeited non-vested accounts totaled $1,142,365 and $749,994, respectively. The forfeited non-vested accounts were used to off-set Employer second-tier match contributions for those years respectively. |
| (2) | Summary of Accounting Policies | |
| Basis of Presentation | ||
| The accompanying financial statements have been prepared on the accrual basis in conformity with accounting principles generally accepted in the United States of America. | ||
| Use of Estimates | ||
| The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | ||
| Investment Valuation and Income Recognition | ||
| The Plan invests in various investment securities. Investments in mutual funds are stated at fair value based on the net asset value of the shares held by the Plan at year-end. Investments in common stock, preferred stock, corporate bonds and limited partnership interests are stated at fair value based upon the closing sales price as reported on a recognized securities exchange on the last business day of the year. Participant loans are valued at their outstanding balances, which approximate fair value. | ||
| Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. |
9
| (2) | Summary of Accounting Policies (continued) | |
| Investment Valuation and Income Recognition (continued) | ||
| Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The statements of net assets available for benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis. | ||
| Contributions | ||
| Company and employee contributions are reported in the year services are rendered to the Company by the Plan participants. | ||
| Payment of Benefits | ||
| Benefits are recorded when paid. | ||
| Administrative Expenses | ||
| Certain expenses of the Plan are paid by the Company and are not included in the statements of changes in net assets available for benefits. | ||
| Recently Issued Accounting Pronouncements | ||
| Fair Value Measurements — In April and September 2009, the Financial Accounting Standards Board (“FASB”) issued guidance which (i) provided additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased, (ii) provided guidance on identifying circumstances that indicate a transaction is not orderly, (iii) permitted, as a practical expedient, entities to measure the fair value of certain investments based on the net asset value per share and (iv) expanded the required disclosures about fair value measurements. The adoption of this guidance did not have a material effect on the Plan’s net assets available for benefits or the changes in net assets available for benefits. | ||
| Subsequent Events — In May 2009 and February 2010, the FASB issued guidance which established general standards of accounting for, and disclosure of, events that occur after the balance sheet date but before the financial statements are issued or are available to be issued. In particular, this guidance established (i) the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure, (ii) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date and (iii) the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. The adoption of this guidance did not have a material effect on the Plan’s net assets available for benefits or the changes in net assets available for benefits. |
10
| (2) | Summary of Accounting Policies (continued) | |
| Recently Issued Accounting Pronouncements (continued) | ||
| FASB Codification — In June 2009, the FASB issued new codification standards which represent the source of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The codification supersedes all non-SEC accounting and reporting standards which existed prior to the codification. All other non-grandfathered, non-SEC accounting literature not included in the codification is non-authoritative. The new codification standards were effective for 2009. | ||
| Fair Value Disclosures — In January 2010, the FASB issued guidance which expanded the required disclosures about fair value measurements. In particular, this guidance requires (i) separate disclosure of the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements along with the reasons for such transfers, (ii) information about purchases, sales, issuances and settlements to be presented separately in the reconciliation for Level 3 fair value measurements, (iii) fair value measurement disclosures for each class of assets and liabilities and (iv) disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements for fair value measurements that fall in either Level 2 or Level 3. This guidance is effective for annual reporting periods beginning after December 15, 2009 except for (ii) above which is effective for fiscal years beginning after December 15, 2010. The Company is currently evaluating the impact that this guidance will have on the Plan’s financial statement disclosures. | ||
| (3) | Investments | |
| The following presents investments that represent 5% or more of the Plan’s net assets: |
| (Note 11) | ||||||||
| December 31, | December 31, | |||||||
| 2009 | 2008 | |||||||
Cerner Corporation Common Stock |
$ | 323,938,345 | $ | 158,576,279 | ||||
Stable Value Fund |
31,877,702 | 26,571,079 | ||||||
Fidelity: |
||||||||
AF Growth Fund of America |
66,346,136 | 45,662,523 | ||||||
Julius Baer International Equity Fund |
— | 28,607,473 | ||||||
Artio International Equity I Fund |
38,646,689 | — | ||||||
11
| (3) | Investments (continued) | |
| During 2009, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows: |
| Year Ended | ||||
| December 31, | ||||
| 2009 | ||||
Cerner Corporation Common Stock |
$ | 181,130,770 | ||
Mutual Funds |
52,317,594 | |||
Self Directed Brokerage Fund |
4,280,747 | |||
| $ | 237,729,111 | |||
| (4) | Fair Value Measurements | |
| FASB ASC 820, Fair Value Measurements and Disclosures (formerly SFAS No. 157) provides the framework for measuring fair value. That framework provides 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 FASB ASC 820 are described below: |
Level 1
|
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access. | |
Level 2
|
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in inactive markets; inputs other than quoted market prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. | |
Level 3
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
| The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. |
12
| (4) | Fair Value Measurements (continued) | |
| The preceding methods described may produce a fair value calculation that may not be indicative of the 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 set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2009 and 2008. |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cerner Corporation Common
Stock |
$ | 323,938,345 | — | — | $ | 323,938,345 | ||||||||||
Mutual Funds: |
||||||||||||||||
• LifeCycle Funds |
63,032,808 | — | — | 63,032,808 | ||||||||||||
• Bond Funds |
12,143,910 | — | — | 12,143,910 | ||||||||||||
• Large Value Funds |
21,876,372 | — | — | 21,876,372 | ||||||||||||
• Large Blend Funds |
20,496,014 | — | — | 20,496,014 | ||||||||||||
• Large Growth
Funds |
66,346,136 | — | — | 66,346,136 | ||||||||||||
• Small Value Funds |
26,336,460 | — | — | 26,336,460 | ||||||||||||
• Mid Blend Funds |
3,302,658 | — | — | 3,302,658 | ||||||||||||
• International
/Global Equity Funds |
38,646,689 | — | — | 38,646,689 | ||||||||||||
Self Directed Brokerage Fund: |
||||||||||||||||
• Mutual Funds |
8,225,262 | — | — | 8,225,262 | ||||||||||||
• Limited
Partnership Interests |
157,966 | — | — | 157,966 | ||||||||||||
• Common Stock |
7,383,652 | — | — | 7,383,652 | ||||||||||||
• Preferred Stock |
26,832 | — | — | 26,832 | ||||||||||||
• Corporate Bonds |
79,945 | — | — | 79,945 | ||||||||||||
• Cash |
3,298,153 | — | — | 3,298,153 | ||||||||||||
Stable Value Fund |
— | — | $ | 31,877,702 | 31,877,702 | |||||||||||
Participant Loans |
— | — | 5,273,778 | 5,273,778 | ||||||||||||
Total investments at fair
value |
$ | 595,291,202 | $ | 0 | $ | 37,151,480 | $ | 632,442,682 | ||||||||
13
| (4) | Fair Value Measurements (continued) |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cerner Corporation Common Stock |
$ | 158,576,279 | — | — | $ | 158,576,279 | ||||||||||
Mutual Funds |
160,720,211 | — | — | 160,720,211 | ||||||||||||
Self Directed Brokerage Fund |
||||||||||||||||
• Mutual Funds |
5,730,085 | — | — | 5,730,085 | ||||||||||||
• Limited Partnership
Interests |
39,861 | — | — | 39,861 | ||||||||||||
• Common Stock |
3,555,198 | — | — | 3,555,198 | ||||||||||||
• Preferred Stock |
5,840 | — | — | 5,840 | ||||||||||||
• Certificate of Deposit |
100,000 | — | — | 100,000 | ||||||||||||
• Corporate Bonds |
78,957 | — | — | 78,957 | ||||||||||||
• Cash |
2,645,520 | — | — | 2,645,520 | ||||||||||||
Stable Value Fund |
— | — | $ | 26,571,079 | 26,571,079 | |||||||||||
Participant Loans |
— | — | 4,491,471 | 4,491,471 | ||||||||||||
Total investments at
fair value |
$ | 331,451,951 | $ | 0 | $ | 31,062,550 | $ | 362,514,501 | ||||||||
| The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2009. |
| Stable Value | Participant | |||||||
| Fund | Loans | |||||||
Balance, beginning of year |
$ | 26,571,079 | $ | 4,491,471 | ||||
Interest |
611,078 | — | ||||||
Purchases, sales, issuances, and
settlements (net) |
4,695,545 | 782,307 | ||||||
Balance, end of year |
$ | 31,877,702 | $ | 5,273,778 | ||||
14
| (5) | Non-participant-Directed Investment | |
| Information about the net assets and the significant components of the changes in net assets relating to the non-participant-directed investments is as follows: |
| December 31, | December 31, | |||||||
| 2009 | 2008 | |||||||
Net assets: |
||||||||
Cerner Corporation Common Stock |
$ | 224,644,773 | $ | 109,185,421 | ||||
| Year Ended | ||||
| December 31, | ||||
| 2009 | ||||
Changes in net assets: |
||||
Company contributions |
$ | 10,969,080 | ||
Investment income |
111,844,672 | |||
Distributions to participants |
(7,718,677 | ) | ||
Other fees and adjustments |
364,277 | |||
| $ | 115,459,352 | |||
| (6) | Investment contract with JPMorgan Asset Management | |
| The Plan has a benefit-responsive guaranteed investment contract with JPMorgan Asset Management (JPMorgan). JPMorgan maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan. | ||
| Because the guaranteed investment contract is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed investment contract. The guaranteed investment contract is presented on the face of the statements of net assets available benefits at fair value with an adjustment to contract value in arriving at net assets available for benefits. Contract value, as reported to the Plan by JPMorgan, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. | ||
| As described in Note 11, the presentation of the statement of net assets available for benefits as of December 31, 2008 has been restated to correct an error in reporting the Plan’s Stable Value Fund investment to properly reflect the fund at fair value and the adjustment from fair value to contract value for fully benefit-responsive investment contracts. |
15
| (7) | Related-Party Transactions | |
| Certain Plan investments are shares of mutual funds managed by Fidelity Management Trust Company (Fidelity). Fidelity is the trustee as defined by the Plan and therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan for recordkeeping services amounted to $89,440 for the year ended December 31, 2009. | ||
| (8) | 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 would become 100% vested in their Company contributions. | ||
| (9) | Tax Status | |
| The Internal Revenue Service has determined and informed the Company by a letter dated February 25, 2003 that the Plan and the related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. | ||
| (10) | Risks and Uncertainties | |
| The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits. |
16
| (11) | Restatement of the Presentation of the Statement of Net Assets Available for Benefits as of December 31, 2008 | |
| The presentation of the statement of net assets available for benefits as of December 31, 2008 has been restated to correct an error in reporting the Plan’s Stable Value Fund investment to properly reflect the fund at fair value and the adjustment from fair value to contract value for fully benefit-responsive investment contracts. |
| As | As Previously | Effect of | ||||||||||
| Restated | Reported | Restatement | ||||||||||
Investments at fair value: |
||||||||||||
Cerner Corporation Common Stock |
$ | 158,576,279 | $ | 158,576,279 | $ | — | ||||||
Mutual Funds |
160,720,211 | 166,490,566 | (5,770,355 | ) | ||||||||
Self Directed Brokerage Fund |
12,155,461 | — | 12,155,461 | |||||||||
Stable Value Fund |
26,571,079 | — | 26,571,079 | |||||||||
Other |
— | 26,547,238 | (26,547,238 | ) | ||||||||
Loans to participants |
4,491,471 | 4,491,471 | — | |||||||||
Total investments |
362,514,501 | 356,105,554 | 6,408,947 | |||||||||
Cash |
50,000 | 7,391,676 | (7,341,676 | ) | ||||||||
Other receivable |
13,021 | — | 13,021 | |||||||||
Less: Operating payables |
— | 76,442 | (76,442 | ) | ||||||||
Net assets reflecting all investments at fair value |
362,577,522 | 363,420,788 | (843,266 | ) | ||||||||
Adjustment from fair value to contract value for
fully benefit-responsive investment contracts |
843,266 | — | 843,266 | |||||||||
Net assets available for benefits |
$ | 363,420,788 | $ | 363,420,788 | $ | — | ||||||
17
| (12) | Subsequent Events | |
| The Company has evaluated subsequent events through the date the report was filed with the Securities and Exchange Commission and the following items were noted: |
| • | Effective January 1, 2010, the Plan was restated to comply with the provisions of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). As part of that restatement, the Plan also incorporated all previous amendments, provisions for the Pension Protection Act (PPA) of 2006 and provisions of the Heroes Earnings Assistance and Relief Act (HEART) of 2008. | ||
| • | Effective January 1, 2010, the Plan added an additional nonelective contribution available to those individuals who were former employees of the University of Missouri that became Cerner associates in connection with the Tiger Institute Strategic Alliance. Those associates may receive an additional nonelective contribution determined by Cerner in consultation of their actuary for the 2010 — 2014 plan years. The Plan will also allow prior service credits for those associates. | ||
| • | Effective January 27, 2010, the Plan was amended to change the definition of compensation with respect to its second-tier matching contribution formula to include, rather than exclude, military differential pay. |
18
| -b- | -c- | |||||||||||||||
| Identity of issuer, | Description of investment, including | ** | -e- | |||||||||||||
| borrower, lessor or | maturity date, rate of interest, collateral, | -d- | Current | |||||||||||||
| -a- | similar party | par, or maturiry value | Cost | Value | ||||||||||||
| * | Cerner Corporation |
Common Stock | $ | 106,186,699 | $ | 323,938,345 | ||||||||||
| * | Cerner Stable Value |
Stable Value Fund | 31,877,702 | |||||||||||||
TRP Retirement 2005 |
Mutual Fund | 1,568,532 | ||||||||||||||
TRP Retirement 2010 |
Mutual Fund | 1,926,140 | ||||||||||||||
TRP Retirement 2015 |
Mutual Fund | 4,634,264 | ||||||||||||||
TRP Retirement 2020 |
Mutual Fund | 8,263,615 | ||||||||||||||
TRP Retirement 2025 |
Mutual Fund | 7,977,692 | ||||||||||||||
TRP Retirement 2030 |
Mutual Fund | 8,376,132 | ||||||||||||||
TRP Retirement 2035 |
Mutual Fund | 7,046,866 | ||||||||||||||
TRP Retirement 2040 |
Mutual Fund | 8,861,064 | ||||||||||||||
TRP Retirement 2045 |
Mutual Fund | 8,588,888 | ||||||||||||||
TRP Retirement 2050 |
Mutual Fund | 3,166,147 | ||||||||||||||
TRP Retirement 2055 |
Mutual Fund | 428,288 | ||||||||||||||
TRP Retirement Income |
Mutual Fund | 2,195,180 | ||||||||||||||
American Century Gov’t Bond Inv |
Mutual Fund | 3,142,540 | ||||||||||||||
ABF Large Capital Value |
Mutual Fund | 21,876,372 | ||||||||||||||
Loomis Investment Grade BD |
Mutual Fund | 9,001,370 | ||||||||||||||
Hartford Capital Appreciation |
Mutual Fund | 11,801,496 | ||||||||||||||
AF Growth of America |
Mutual Fund | 66,346,136 | ||||||||||||||
American Century Small Capital INV |
Mutual Fund | 26,336,460 | ||||||||||||||
| * | Spartan Extnd Market Index |
Mutual Fund | 3,302,659 | |||||||||||||
| * | Spartan US EQ Index |
Mutual Fund | 8,694,517 | |||||||||||||
Artio International Equity I |
Mutual Fund | 38,646,689 | ||||||||||||||
Total Mutual Funds |
252,181,047 | |||||||||||||||
Brokeragelink |
Self-Directed Brokerage Account | 19,171,810 | ||||||||||||||
| * | Participant loans |
Loans with interest ranging from 4.25% to 10.50% | 5,273,778 | |||||||||||||
| $ | 632,442,682 | |||||||||||||||
| * | Party-in-interest as defined by ERISA | |
| ** | Shares of Cerner Corporation common stock are partially non-participant-directed. In accordance with instructions to the Form 5500, the Plan is not required to disclose the cost component of the participant-directed investments. |
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