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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities and Exchange Act of 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended February 29, 2000
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[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the transition period from to
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Commission file number 1-13873
A. Full title of the Plan and the address of the Plan, if different
from that of the issuer named below:
Steelcase Inc. 401(k) Retirement Plan
B. Name of issuer of securities held pursuant to the Plan and the
address of its principal executive office:
Steelcase Inc.
901 44th Street
Grand Rapids, Michigan 49508
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan Administrator of the Plan has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
Steelcase Inc. 401(k)Retirement Plan
Date: August 16, 2000 By: /s/ Alwyn Rougier-Chapman
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Alwyn Rougier-Chapman
Senior Vice President-Finance
and Chief Financial Officer
Steelcase Inc.
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Steelcase Inc.
401(k) Retirement Plan
Financial Statements and Schedule
Years Ended February 29, 2000 and February 28, 1999
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Steelcase Inc. 401(k) Retirement Plan
Contents
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Independent Auditors' Report 3-4
Financial Statements
Statements of Net Assets Available for Benefits -
February 29, 2000 and February 28, 1999 5
Statements of Changes in Net Assets Available for Benefits -
Years Ended February 29, 2000 and February 28, 1999 6
Notes to Financial Statements 7-11
Supplemental Schedule
Assets Held for Investment Purposes at End of Year 12
Exhibit
Consent of Independent Accountants
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INDEPENDENT AUDITORS' REPORT
Plan Administrator of Steelcase Inc.
401(k) Retirement Plan
Grand Rapids, Michigan
We have audited the accompanying statements of net assets available for benefits
of Steelcase Inc. 401(k) Retirement Plan as of February 29, 2000 and February
28, 1999, 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.
Except as explained in the following paragraph, we conducted our audits in
accordance with generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes 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.
As permitted by Section 2520.103-8 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, investment assets held by Old Kent Bank, the trustee of
the Plan, and transactions in those assets were excluded from the scope of our
audit of the Plan's 1999 financial statements, except for comparing the
information provided by the trustee, which is summarized in Note 7, with the
related information included in the financial statements.
Because of the significance of the information that we did not audit, we are
unable to, and do not, express an opinion on the Plan's financial statements as
of and for the year ended February 28, 1999. The form and content of the
information included in the 1999 financial statements, other than that derived
from the information certified by the trustee, have been audited by us and, in
our opinion, are presented in compliance with the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974.
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In our opinion, the financial statement, referred to above of Steelcase Inc.
401(k) Retirement Plan as of and for the year ended February 29, 2000, present
fairly, in all material respects, the net assets available for benefits of the
Plan as of February 29, 2000, and the changes in its net assets available for
benefits for the year then ended in conformity with generally accepted
accounting principles.
Our audit of the Plan's financial statements as of and for the year ended
February 29, 2000, was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes as of February 29, 2000 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 audit of the basic financial statements for the year
ended February 29, 2000, and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ BDO SEIDMAN, LLP
Grand Rapids, Michigan
June 30, 2000
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Steelcase Inc. 401(k) Retirement Plan
Statements of Net Assets Available for Benefits
(amounts in thousands)
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February 29, February 28,
2000 1999
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Assets
Investments $ 435,861 $ 262,812
Cash - 4
Participant contributions receivable - 679
Accrued investment income - 15
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Total Assets 435,861 263,510
Liabilities
Pending trade payable 1 -
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Net Assets Available for Benefits $ 435,860 $ 263,510
=============================================================================
See accompanying notes to financial statements.
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Steelcase Inc. 401(k) Retirement Plan
Statements of Changes in Net Assets Available for Benefits
(amounts in thousands)
<TABLE>
<CAPTION>
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February 29, February 28,
Year ended 2000 1999
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<S> <C> <C>
Additions
Participant contributions $ 25,557 $ 25,420
Rollover contributions 812 432
Interest income 178 148
Net investment gain from collective investment funds 3,949 1,603
Net investment gain from mutual funds 161,068 33,067
Net investment gain from common stock 1 -
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Total additions 191,565 60,670
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Deductions
Benefits paid to participants 18,982 12,044
Administrative expenses 233 148
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Total deductions 19,215 12,192
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Net increase 172,350 48,478
Net Assets Available for Benefits, beginning of year 263,510 215,031
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Net Assets Available for Benefits, end of year $ 435,860 $ 263,509
==================================================================================================
</TABLE>
See accompanying notes to financial statements.
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Steelcase Inc. 401(k) Retirement Plan
Notes to Financial Statements
(amounts in thousands)
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1. Plan Description
The following description of the Steelcase Inc. 401(k) Retirement 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 is a defined contribution plan established for employees of
Steelcase Inc. (the "Company") and its subsidiaries that participate in the
Plan and is subject to the provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA").
Contributions
The Company contributes an amount equal to the voluntary pre-tax
contributions selected by the participant under BenefitSystems, a cafeteria
plan established and maintained by the Company. A participant may elect to
defer to the Plan, on a pre-tax basis, up to 8% of total eligible annual
compensation (except highly paid participants are limited to 7%). Effective
September 1, 2000, participants who are employed at certain locations may
elect to defer up to 10% of total eligible annual compensation as described
in the Plan. Contributions for a plan year on behalf of a participant are
limited as described in the Plan. Participants direct the investment of
their contributions into various investment options offered by the Plan.
The Plan currently offers a money market fund, eight mutual funds, common
stock and a collective investment fund as investment options for
participants.
Participant Accounts
Earnings, net gains and losses, and administrative expenses are allocated
daily to the accounts of participants. Participant accounts are 100%
vested. Contributions to the Plan are allocated to the accounts of the
participants on a weekly and bi-weekly basis.
Payment of Benefits
Upon termination of service, a participant may elect to receive either a
lump-sum amount equal to the value of the participant's account, annual
installments, a partial distribution, an annuity purchased equal to the
value of the participant's account or a transfer into another qualified
retirement plan or an individual retirement account.
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Steelcase Inc. 401(K) Retirement Plan
Notes to Financial Statements
(amounts in thousands)
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2. Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared under the accrual method
of accounting.
Use of Estimates
The preparation of financial statements requires estimates and assumptions
that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
Investments are stated at fair value as determined by Old Kent Bank, the
trustee of the Plan, based on quoted market prices.
Payment of Benefits
Benefits are recorded when paid.
3. Investments
The following presents investments that represent 5% or more of the Plan's
net assets:
February 29, February 28,
2000 1999
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Kent Short-Term Bond Fund $ 28,144 $ 30,013
Kent Index Equity Fund 82,468 92,075
VanKampen Emerging Growth Fund A 240,020 86,363
Old Kent Balanced Collective Investment Fund 38,531 39,261
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Steelcase Inc. 401(k) Retirement Plan
Notes to Financial Statements
(amounts in thousands)
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4. Plan Termination
Although it has not expressed any intent to do so, the Company has the
right to discontinue contributions at any time and terminate the Plan,
subject to the provisions of ERISA. In the event the Plan is terminated,
the assets are to be used for the payment of all debts of the Plan and any
remaining funds will be distributed to the participants by the trustee as
directed by the plan administrator.
5. Related Party Transactions
Certain Plan investments are shares of mutual funds and collective
investment funds managed by Old Kent Bank. Old Kent Bank is the trustee as
defined by the Plan and, therefore, these transactions qualify as party-in-
interest.
6. Income Tax Status
The Internal Revenue Service has determined and informed the plan
administrator in a letter dated March 21, 1996, that the Plan is qualified
and the trust established under the Plan is tax-exempt under the
appropriate sections of the Internal Revenue Code (IRC). Although the Plan
has been amended since receiving the determination letter, the plan
administrator believes that the Plan is designed and is currently being
operated in compliance with the applicable requirements of the IRC.
7. Information Certified by the Plan's Trustee
The plan administrator has elected the method of annual reporting
compliance permitted by 29 CFR 2520.103-8 of the Department of Labor Rules
and Regulations for Reporting and Disclosure under ERISA. Accordingly, the
trustee has certified that the following data included in the accompanying
financial statements and supplemental schedule is complete and accurate.
February 28, 1999
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Total investments $ 262,812
Cash 4
Accrued investment income 15
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Steelcase Inc. 401(k) Retirement Plan
Notes to Financial Statements
(amounts in thousands)
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Year ended February 28, 1999
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Interest income $ 148
Net investment gain from collective investment fund 1,603
Net investment gain from mutual funds 33,067
=========================================================================
8. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits
reported in the accompanying financial statements to Form 5500:
February 29, February 28,
2000 1999
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Net assets available for benefits per the
financial statements $435,860 $263,510
Amounts allocated to withdrawing participants - (1,022)
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Net assets available for benefits per Form 5500 $435,860 $262,488
=========================================================================
The following is a reconciliation of benefits paid to participants
reported in the accompanying financial statements to Form 5500:
February 29, February 28,
Year ended 2000 1999
-------------------------------------------------------------------------
Benefits paid to participants per the financial
statements $ 18,982 $ 12,044
Amounts allocated to withdrawing participants,
end of year - 1,022
Amounts allocated to withdrawing participants,
beginning of year (1,022) (427)
-------------------------------------------------------------------------
Benefits paid to participants per Form 5500 $ 17,960 $ 12,639
=========================================================================
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Steelcase Inc. 401(k) Retirement Plan
Notes to Financial Statements
(amounts in thousands)
________________________________________________________________________________
Amounts allocated to withdrawing participants are recorded on Form 5500 for
benefit claims that have been processed and approved for payment prior to
February 29, 2000 and February 28, 1999, but not yet paid as of those
dates.
9. New Accounting Provision
In September 1999, the American Institute of Certified Public Accountants
issued Statement of Position (SOP) No. 99-3, Accounting for and Reporting
of Certain Defined Contribution Plan Investments and Other Disclosure
Matters. This statement established standards for simplified disclosures
for certain investments. The Plan adopted the provisions of this statement
for the plan year ended February 29, 2000. As a result, disclosures made
in the prior year for the separate fund information have been eliminated in
these financial statements, to be consistent with the current year
presentation.
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<TABLE>
<CAPTION>
Steelcase Inc. 401(K)Retirement Plan
Schedule of Assets Held for Investment Purposes at End of Year
(amounts in thousands)
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EIN: 38-0819050
Plan Number: 011
February 29, 2000
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(c)
Description of Investment,
(b) including Maturity Date, Rate (e)
Identity of Issue, Borrower, Lessor of Interest, Collateral, Par or (d) Current
(a) or Similar Party Maturity Date Cost Value
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<S> <C> <C> <C> <C>
a Kent Money Market Fund 3,624 shares b $ 3,624
Mutual funds:
a Kent Short-Term Bond Fund 2,981 shares b 28,144
Fidelity Advisors Growth
Opportunities Fund 73 shares b 3,162
a Kent Index Equity Fund 3,132 shares b 82,468
Putnam Investors Fund A 1,109 shares b 20,305
VanKampen Emerging Growth
Fund A 2,082 shares b 240,020
VanKampen Corporate Bond
Fund A 833 shares b 5,358
Putnam International Growth
Fund A 322 shares b 9,879
Templeton Foreign Fund A 426 shares b 4,335
a Steelcase Inc. common stock 3 shares b 34
a Old Kent Balanced Collective
Investment Fund 1,995 shares b 38,531
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</TABLE>
a - A party-in-interest as defined by ERISA.
b - The cost of participant directed investments is not required to be
disclosed.
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