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Previous: PEP BOYS MANNY MOE & JACK, 11-K, EX-23, 2000-06-28 |
Next: PHELPS DODGE CORP, 11-K, EX-23, 2000-06-28 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from __________ to __________
Commission file number 1-82
PHELPS DODGE EMPLOYEE SAVINGS PLAN
PHELPS DODGE CORPORATION
2600 NORTH CENTRAL AVENUE
PHOENIX, ARIZONA 85004-3089
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
INDEX
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
Page
----
Report of Independent Accountants 1
Statement of Net Assets Available for Benefits 2
Statement of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4
Supplemental Information:*
I. Schedule of Assets Held for Investment Purposes
at End of Year 11
II. Schedule of Reportable Transactions for Year
Ended December 31, 1999 23
* Other schedules required by Section 2520.103-10 of the Department of Labor
Rules and Regulations for Reporting and Disclosure under ERISA have been
omitted because they are not applicable
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Benefits Administration Committee and Participants
of the Phelps Dodge Employee Savings Plan
In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the net assets available for benefits
of the Phelps Dodge Employee Savings Plan at December 31, 1999 and 1998, and the
changes in net assets available for benefits for the year ended December 31,
1999 in conformity with accounting principles generally accepted in the United
States. These financial statements are the responsibility of the Benefits
Administration Committee (the Committee); 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, 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 the Committee,
and evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for the purpose of additional analysis and is
not a required part of the basic financial statements but is additional
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. Schedules I and II have been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ PricewaterhouseCoopers LLP
Phoenix, Arizona
June 23, 2000
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999 AND 1998
(IN THOUSANDS)
--------------------------------------------------------------------------------
1999 1998
-------- --------
Assets
Investments (see Note 3) $400,893 $342,920
Receivables:
Employer contributions 282 9,502
Participant contributions 358 364
-------- --------
Net assets available for benefits $401,533 $352,786
======== ========
The accompanying notes are an integral part of these financial statements.
-2-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1999
(IN THOUSANDS)
--------------------------------------------------------------------------------
Additions:
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments (see Note 3) $ 56,702
Interest and dividends 11,962
--------
68,664
--------
Contributions:
Employer contributions 5,723
Participant contributions 20,627
--------
26,350
--------
Total additions 95,014
--------
Deductions:
Deductions from net assets attributed to:
Distributions to participants and beneficiaries 46,266
Administrative expenses 1
--------
Total deductions 46,267
--------
Increase in net assets 48,747
Net assets available for benefits at December 31, 1998 352,786
--------
Net assets available for benefits at December 31, 1999 $401,533
--------
The accompanying notes are an integral part of these financial statements.
-3-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
1. DESCRIPTION OF PLAN
GENERAL
The Phelps Dodge Corporation Savings and Deferred Profit Sharing Plan (the
Plan), a defined contribution plan, was established by Phelps Dodge
Corporation (the Corporation) effective January 1, 1953, for the benefit of
eligible salaried employees (the Participants). Hourly employees became
eligible for the savings feature of the Plan on April 1, 1989.
Subsequently, the Plan name was changed to Phelps Dodge Employee Savings
Plan.
The Plan is subject to certain provisions of the Employee Retirement Income
Security Act of 1974 (ERISA). A brief description of the Plan is included
in the following paragraphs. Participants should refer to the Plan document
for a complete description of Plan provisions.
ADMINISTRATION
The Plan is sponsored by the Corporation and administered by the Benefits
Administration Committee (the Committee) composed of six employees of the
Corporation who are appointed by the Corporation's Board of Directors.
Effective September 1, 1998, plan assets are held by a trust (the Trust)
administered by UMB, n.a. (the Trustee or UMB) and J.P. Morgan/American
Century Retirement Plan Services (the Recordkeeper) was appointed as the
Recordkeeper of the Trust. Prior to September 1, 1998, plan assets were
held by a trust administered by Marshall and Ilsley Trust Company of
Arizona.
Fees and expenses of the Trust, other than brokerage commissions and taxes
paid in connection with security transactions, and other expenses relating
to the administration of the Plan were paid by the Corporation.
INVESTMENT OPTIONS
The Plan has a combination of participant and self-directed funds. The
Trust is comprised of the following participant directed investments at
December 31, 1999:
Interest Income Fund - common/collective fund investing in high quality
government and corporate bonds, stable value and guaranteed investment
contracts and money market instruments.
-4-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN (CONTINUED)
Income and Growth Fund - mutual fund investing in stocks of large-sized
companies whose stock is expected to have a higher expected dividend yield
and higher overall return potential than the S&P 500 Index.
Equity Growth Fund - mutual fund investing in common stocks that fund
management believes will have higher overall return potential than the S&P
500 Index.
Enhanced Index Fund - mutual fund investing in approximately 350 large U.S.
companies whose stock is expected to provide a higher total return
potential than the S&P 500 Index.
U.S. Small Company Fund - mutual fund investing in stocks of small-sized
companies and seeks to outperform the Russell 2000 Index.
EuroPacific Growth Fund - mutual fund investing in stocks of non-U.S.
companies which appear to offer above average growth potential and whose
objective is to provide long-term growth of capital.
Conservative Investment Portfolio Fund - asset allocation portfolio
composed of 60 percent of the Interest Income Fund and a 40 percent mix of
the plan's mutual funds to provide a conservative investment return.
Moderate Investment Portfolio Fund - asset allocation portfolio composed of
a 60 percent mix of the plan's mutual funds and 40 percent of the Interest
Income Fund to provide a moderate investment return.
Aggressive Investment Portfolio Fund - asset allocation portfolio composed
of an 80 percent mix of the plan's mutual funds and 20 percent of the
Interest Income Fund to provide an aggressive investment return.
Phelps Dodge Common Stock Fund - invests only in common stock of the
Corporation.
The following account allows for participants to self-direct these funds:
Schwab Personal Choice Retirement Fund - enables participants to transfer
funds from the above accounts to a wide range of investments, which
includes mutual funds, over the counter stocks, short-term cash instruments
and other investment options offered by Schwab.
In addition, certain participants hold assets in the Occidental Petroleum
Common Stock Fund as a result of the transfer of assets from the Columbian
Chemicals Company plan. Participant loans are held in a separate Loan Fund.
-5-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
1. DESCRIPTION OF PLAN (CONTINUED)
CONTRIBUTIONS
A profit sharing contribution made for certain salaried and Phelps Dodge
Mercantile hourly employee participants by the Corporation (the Company
Profit Sharing Contribution) is limited to the lesser of: 8 percent of
consolidated net income of the Corporation; 7 1/2 percent of the aggregate
eligible base pay of Participants; or the percentage of the total eligible
pay that would have been allocated to employees who were Participants in
the Plan and eligible for profit sharing on December 31, 1996, determined
under the terms of the Plan on that date. The Company Profit Sharing
Contribution can be made only to the extent that it does not reduce
consolidated net income below $0.50 per common share for such year after
provision for payment of preferred and preference share dividends. The
Company did not make a profit sharing contribution in 1999.
Participants are eligible to make pretax contributions (Pretax
Contributions), subject to certain limitations, equal to 1 percent to 10
percent of their base pay and 1 percent to 15 percent of their base pay
effective September 1, 1998. Pretax Contributions are eligible for a
matching contribution from the Corporation (Company Matching Contribution)
equal to 50 percent of the first 5 percent of the base pay deferred.
Effective September 1, 1998, Participants are eligible to make
contributions to the Plan after three months of service; however, these
contributions are not eligible for Company Matching Contribution until
after one year of service. All contributions are invested in one or more of
the investment funds available within the Plan as elected by participants.
Participants are fully vested in their total account balance.
DISTRIBUTIONS
Participants' interests in the Trust become distributable upon severance of
their service with the Corporation or to their beneficiaries in the event
of their death or upon attaining age 59 1/2. The distribution may be a
single lump sum or a series of substantially equal annual, quarterly or
monthly cash installments beginning no earlier than age 55 and continuing
over a period not to exceed 10 years, at the election of the Participant or
beneficiary. Cash distributions are based upon the underlying closing price
of the funds, except for Phelps Dodge Common Stock or Occidental Petroleum
Stock which are based upon the actual price at which the stock is
liquidated in the market three days prior to the time of distribution.
Distributions of the Phelps Dodge Common Stock Fund and Occidental
Petroleum Stock Fund may be made in shares.
Participants may withdraw their after-tax contributions and earnings
thereon at any time. The Plan also provides, with certain limitations, for
hardship withdrawals of employee Pretax, Company Matching and Company
Profit Sharing Contributions; however, earnings on any of these
contributions are ineligible for hardship withdrawal. Hardship withdrawals
are not granted unless other financial resources are not reasonably
available, including after-tax savings or a loan from the Plan. All
withdrawals and distributions are made in accordance with procedures
outlined in the Plan document.
-6-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
1. DESCRIPTION OF PLAN (CONTINUED)
LOANS
Participants may borrow amounts as provided in the Plan. Loans are
repayable over a maximum of 5 years with the exception of loans for the
purchase of a primary residence which may extend to 15 years. The minimum
loan is $1,000 and the maximum loan is an amount equal to $50,000 minus the
Participant's highest outstanding loan balance during the past 12 months,
limited to 50 percent of the Participant's vested account balance. Loans
bear the prime interest rate as quoted in the Wall Street Journal plus 2
percent as of the first of each month. The prime rate at December 31, 1999
was 8.50 percent. Loans are repaid by payroll deduction and interest is
credited to Participant accounts. Loans are secured by the Participant's
previous contributions to the Plan.
PLAN TERMINATION
The Plan may be amended or terminated at any time by the Corporation. No
such action may cause any portion of the Trust to revert to the Corporation
or to be used or diverted for any purpose other than for the exclusive
benefit of Participants or their beneficiaries.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Plan are prepared on the accrual basis of
accounting. Plan investments, other than Guaranteed Investment Contracts
(GIC's), are presented at fair value. The fair values of common stock,
registered investment companies and common/collective fund shares are based
upon the closing market price on the valuation date. The GIC's are recorded
at contract value, which approximates fair value. Contract value is based
upon the GIC's respective face values plus accrued interest on the
valuation date. Participant loans are valued at cost, which approximates
fair value.
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 and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Such estimates include those regarding fair
value. Actual results could differ from those estimates.
-7-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Security transactions are recorded on a trade date basis. Expenses paid by
the Plan in connection with such transactions include brokerage commissions
and taxes which are included in the cost of securities purchased and
deducted from the proceeds of securities sold. The net appreciation
(depreciation) in the fair value of the Plan's investments consists of the
realized gains (losses) and the unrealized appreciation (depreciation) on
those investments. Dividend income is recognized on the ex-dividend date.
Interest income is recognized as earned. Employer and participant
contributions are recognized on the accrual basis.
Benefits are recorded when paid. Benefit obligations for persons who have
withdrawn from participation in the Plan are not recorded as liabilities in
the accompanying financial statements. There were no benefit obligations
outstanding at December 31, 1999 and December 31, 1998.
For comparative purposes, certain prior year amounts have been reclassified
to conform with the current year presentation.
3. INVESTMENTS
The following table presents the current value of investments that
represent 5 percent or more of the Plan's net assets.
December 31,
-------------------
1999 1998
------- -------
(in thousands)
J.P. Morgan Interest Income Fund $54,659 $53,870
American Century Income & Growth Fund 60,945 56,079
American Century Equity Growth Fund 78,343 75,215
J.P. Morgan Enhanced Index Fund 34,384 26,195
Moderate Investment Portfolio Fund 24,422 21,505
Aggressive Investment Portfolio Fund 29,362 21,617
Schwab Personal Choice Retirement Fund 22,192 13,808
Phelps Dodge Corporation Common Stock 44,943 33,263
-8-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
3. INVESTMENTS (CONTINUED)
During 1999, 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:
For the
year ended
December
1999
--------------
(in thousands)
Registered investment companies $36,228
Common stock 11,987
Common/collective funds 8,487
-------
$56,702
=======
The Plan's guaranteed investment contracts consisted of the following at
December 31, 1999:
Current value
-------------
Principal Life Insurance Company -
#4-09709, 5.06% matures 12/31/99 $1,678,941
Sun Life of Canada - #S-00864-G-001,
5.74% matures 6/00 4,342,876
4. RELATED PARTY TRANSACTIONS
The Trustee invests in the Corporation's common stock in accordance with
the provisions of the Plan. The following is a summary of transactions in
the Corporation's common stock:
For the year ended
December 31,
---------------------
1999 1998
------- -------
(in thousands)
Cost of shares purchased $15,145 $13,344
Number of shares purchased 277 266
Proceeds from shares sold $12,927 $10,109
Number of shares sold 239 168
Value of shares distributed $ 1,258 $ 4,973
Number of shares distributed 23 82
-9-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
4. RELATED PARTY TRANSACTIONS (CONTINUED)
Certain Plan investments are shares of Registered Investment Companies and
Common/ Collective Trusts managed by American Century Investments and J.P.
Morgan Investment Management. J.P. Morgan/American Century Retirement Plan
Services, an affiliate, is the Recordkeeper as defined by the Plan and,
therefore, these transactions qualify as party-in-interest.
5. TAX STATUS
The Plan received a determination letter from the Internal Revenue Service
(IRS) dated January 21, 2000, which stated that the Plan met the
requirements of Section 401(a) of the Internal Revenue Code and that the
earnings of the Trust are exempt from taxation under Section 501(a) of the
Code.
-10-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
CASH AND SHORT-TERM INVESTMENTS
Cash $ 250,228
Schwab Value Advantage Money Fund 226,834 226,834
Schwab U.S. Treasury Money Fund 1,489,487 1,489,487
Schwab Money Market Fund 59,352 59,352
Colonial Bank 5.70% Certificate of Dep 3/01/00 30,000 30,000
BankUnited 5.10 Certificate of Dep 2/28/00 22,000 22,000
US Treasury Bill 03/23/00 357,000 352,966
------------
Total Cash and Short-Term Investments 2,430,867
COMMON/COLLECTIVE FUNDS:
* J.P. Morgan Enhanced Index Fund 1,941,035 49,844,919
* J.P. Morgan Interest Income Fund 68,632,620 68,632,620
------------
Total Common/Collective Funds 118,477,539
COMMON STOCKS:
AMF Bowling Inc. 1,000 3,125
A T & T Corp. 479 24,322
Access Power Inc. 500 400
Action Performance Co. 80 920
Advanced Digital Info Corp. 50 2,431
Advanced Micro Devices 22 637
Alaire Corp. 17 2,487
Altera Corporation 600 29,738
Altigen Communications 1,000 10,313
Amazon Com Inc. 8 609
American Online Inc. Del 1,744 132,326
America West Holding Corporation Cl B 134 2,781
American Benefits Group Inc. 1,500 225
American Eco Corp. 1,000 688
American Home Products Corp. 200 7,850
Ameritrade Holding Corp. CL A 95 2,060
Amgen Incorporated 600 36,038
Amkor Technology Inc. 1,390 39,268
Amsouth Bancorp. 50 966
Analog Devices Inc. 171 15,903
Applebees International Inc. 10 295
Applied Digital Solution 250 1,875
Applied Materials Inc. 307 38,893
Ariba Inc. 200 35,475
Ariel Corp. 3,000 21,188
</TABLE>
-11-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
Aro Systems Inc. 2,500 $ 44,375
At Home Corp CL A 2,493 106,887
Autoweb.com Inc. 50 544
BE Inc. 130 2,966
B T Shipping Sp NE ADRF 2,000 1,000
Backweb Technologies Ltd. 1,000 42,125
Bank One Corp. 1,996 63,869
Battle Mountain Gold 1,000 2,063
Berkshire Hathaway CL B 27 49,410
Best Buy Inc. 700 35,175
Bethlehem Steel Corp. 600 5,025
Beverly Enterprises New 5,000 21,875
Bid Com International Inc. 200 838
Biocontrol Tech Inc. 45,000 2,295
Biomerica Inc. 100 294
Bimatrix Inc. 262 5,044
Boeing Co. 202 8,356
Bombardier Inc. CV CL B F 100 2,075
Boots & Coots/ Intl. Well 1,500 656
Briggs & Stratton Corp. 80 4,312
Bristol-Myers Squibb Co. 30 1,931
Broadcom Corp CL A 225 61,284
Broadvision Inc. 340 57,821
C B R L Group Inc. 555 5,389
C M G I Inc. 400 110,750
C T S Corp. 0 13
Cable & Wireless PLC ADRF 50 2,647
Calton Inc. New 1,000 1,625
Cambiex Exploration Inc. F 10,000 2,800
Canceroption.com Inc. 325 833
Capital Sr Living Corp. 1,000 5,063
Cardima Inc. 5,000 9,063
Cardstakes.com 84 0
Catellus Development Corp. 100 1,281
Caterpillar Inc. 89 4,191
Cendant Corp. 2,000 53,125
Centennial Cell CL A New 500 41,438
Centura Software Corp. 75 408
The Charles Schwab Corp. 580 22,185
China.com CL a 6 472
Charter Communications 170 3,719
</TABLE>
-12-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
Chesapeake Energy Corp. 100 $ 238
China Fund Inc. 500 5,313
Chirex Inc. 300 4,388
Ciena Corp. 1,000 57,500
Cis.com Inc. 999 40
Cisco Systems Inc. 3,375 361,547
Citigroup Inc. 270 15,036
Citrix Systems Inc. 500 61,500
Coca Cola Company 1,000 58,250
Coca Cola Enterprises 100 2,013
Cognizant Tech Sol CL A 60 6,559
Coherent Inc. 50 1,338
Comcast Corp. Spl CL A 510 25,787
Compac Compute corp. 2,316 62,675
Compudawn Inc. 6,000 38,250
Compucredit Corp. 250 9,625
Conoco Inc. CL a 102 2,511
Corel Corp. 950 14,369
Cox Communications CL a new 100 5,150
Coyote Network Sys Inc. 700 3,806
Cyberian Outpost Inc. 300 2,981
D C G R International Holdings New 999 10
DD Horton Co. 400 5,525
Data Race Inc. 12,500 33,985
Dayton-Hudson Corp. 500 36,719
Dayton Mining Corp. 1,000 94
Del Monte Foods Co. 100 1,231
Dell Computer Corp. 1,681 85,731
Detour Magazine Inc. 1,000 170
Diamonds Trust Series I 1 83
Digital Lightwave Inc. 37 2,368
Disney Walt Holding Co. 1,380 40,376
Dollar General Corp. 30 683
Dot Hill Systems Corp. 2,000 9,875
Du Pont E I De Nemour & Co. 1 73
Durban rdpt dp adr f 2,000 3,563
E-bidd.com ince mc Corp Mass 2,000 600
E M C Corp Mass 200 21,850
E.spire Communications Inc. 100 581
Eastman Kodak Company 17 1,126
Ebay Inc. 9 1,127
</TABLE>
-13-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
Egghead.com Inc. New 50 $ 809
Elcom International Inc. 125 4,250
E-Tek Dynamics Inc. 75 10,097
E-Trade Group Inc. 200 5,225
Ericsson Tel Adr B New F 100 6,569
Eshare Tech Inc. 1,000 17,063
Ethyl Corp. 1,000 3,500
Euro909.com A/S Spn Adrf 114 3,135
Euroweb International Corp. 100 1,156
Evolving Systems Inc. 12,100 102,850
Evision USA.Com Inc. 2,000 4,875
Exodus Communications Inc. 50 4,441
Exxon Mobil Corporation 61 4,884
F D X Corporation 1,300 53,219
Famous Fixins Inc. 400 100
Fannie Mae 30 1,881
Finova Group Inc. 503 17,841
First American Financial 300 3,731
Fiststar Corp New 30 634
Flashnet Communications 200 1,238
Fletcher Forestry Adr F 500 1,875
Fogdog Inc. 55 523
Fonix Corp. 10,000 2,900
Foundation Health Systems A 100 994
Fundtech Ltd. 3,000 61,500
Fusion Medial Tech New 300 3,900
Futurelink Corporation 200 5,200
Gap Inc. 150 6,905
Gateway Inc. 346 24,934
Gemstar International Group Ord F 200 14,250
General Cable CP De New 3,500 26,469
General Chemical Group Inc. 2,000 4,625
General Electric Company 827 127,942
General Magic Inc. 7,500 29,063
General Motors Corp. 15 1,090
Getthere.com 35 1,409
Global Crossing Ltd F 4,360 218,000
Global Games Corp. 2,300 115
Global Marine Inc. 100 1,663
Go Online Networks Corp. 10,000 1,800
Go.Com 200 4,750
</TABLE>
-14-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
Goldman Sachs Group Inc. 100 $ 9,451
Ha-Lo Industries Inc. 350 2,625
Halliburton Co. Holding Co. 500 20,125
Harbinger Corp. 300 9,544
Harley Davidson Inc. 100 6,411
Harmony Gold Mining Sp Adr F 100 628
Harnischfeger Industries Inc. 142,835 58,034
Harris & Harris 500 5,750
Harrah's Entertainment Inc. 20 529
Hecla Mining Company 800 1,250
Heilig-Meyers Co. 100 275
Highlands Insurance Group 100 944
Home Depot Inc. 852 58,598
Homebase Inc. 500 1,531
Host Marriott Corp. REIT 102 844
Humana Inc. 100 819
I 2 Technologies Inc. 23 4,485
I R I International Corp. 100 400
Indo Pacific Energy Ltd F 550 189
Industrial Rubber Products 5,000 4,063
Infonet Services Corp. 1,576 41,370
Intel Corp. 1,099 90,497
Interactive Technologies 10 61
Interdigital Communications Corp. 1,000 75,000
International Business Machines 322 34,678
International Uranium Corp. 20,000 3,400
Internet America Inc. 1,108 13,088
Internet Capital Group 176 29,920
Intuit Inc. 50 2,997
Iomega Corp. 1,800 6,075
Ion Networks Inc. 300 6,713
Jaws Technologies Inc. 1,500 11,344
JDS Uniphase Corporation 80 12,905
Juno Online Services Inc. 10 355
K C S Energy Inc. 1,000 813
K L A Tencor Corp. 114 12,697
Kentex Energy Inc. New 2,000 23
Kismet Energy Corp. 1,000 250
Knight/Trimark Group Inc. A 980 45,080
Korea Thrunet Ltd CL A F 50 3,394
</TABLE>
-15-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
L G & E Energy Corp. 227 $ 3,950
Lanvision Systems Inc. 35 36
Laser Vision Centers Inc. 100 1,056
Learn2.com Inc. 1,000 3,281
Loch Harris Inc. New 975 517
Lockheed Martin Corp. 60 1,321
Lucent Technologies Inc. 2,346 175,963
Lycos Inc. 200 15,913
M C I Worldcom Inc. 1,793 95,141
M G I Properties 100 525
Madera International Inc. New 999 50
Magic Software Ent Ord F 200 12,400
Malaysia Fund Inc. 500 3,531
Manpower Inc. 20 753
Manugistics Group Inc. 25 808
Marimba Inc. 500 23,031
Maytag Corp. 80 3,840
McAffee.com Inc. CL A 30 1,350
Mc Donalds Corp. 1,000 40,313
McKesson HBOC Inc. 200 4,500
Medquist Inc. 100 2,581
Merck & Co. Inc. 350 23,544
Microage Inc. 487 1,705
Microsoft Corp. 570 66,548
Mikasa Inc. 89 896
Mindspring Ent Inc. 700 18,484
Modem Media Poppe Tyson 10 704
Momentum Business Applcations CL A 4 32
Morgan JP & Co. Inc. 9 1,140
N P C International Inc. 150 1,181
National Data Corp. 150 5,091
National Disc Brokers 100 2,625
Netlojix Communications Inc. 725 1,858
Network Appliance Inc. 200 16,613
Network Associates Inc. 200 5,338
Newbridge Networks Corp. F 50 1,128
Newell Rubbermaid Inc. 335 9,715
Nextel Communications A 160 16,500
Nokia Corp. ADR F 456 87,125
Nortel Networks Corp. 259 26,159
</TABLE>
-16-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
North American Resorts New 999 5
Novell Inc. 300 11,981
OCO Group Sacll Sr V Adrf 119 1,778
O M I Corp New 3,000 6,188
Occidental Pete Corp. 300 6,488
Office Max Inc. 4,000 21,750
Office Depot Inc. 100 1,100
Old Republic International Corp. 513 6,988
Oracle Corporation 1,109 124,277
Oxy Corp. 7,642 165,252
P G & E Corp 982 20,131
Pac Century Cybworks Ord F New 5,000 12,250
Paging Network Inc. 6,300 5,119
Pan American Silver Cp F 4,000 21,250
Parametric Technology CP 500 13,531
Patterson Energy Inc. 50 650
Perle Systems Ltd. 1,000 8,375
Petro Geo Services A/S Adr F 100 1,781
Petsmart Inc. 1,000 5,750
Pfizer Incorporated 5,114 165,870
Philip Morris Cos Inc. 4,000 92,000
Pinnacle Business Management 10,000 1,200
Platforms International Corp. 2,000 800
Polyvsion Inc. 950 2,316
Power Direct Inc. 30 9
Premiere Tech Inc. 100 700
Premisys Communications 100 991
Presstek Inc. 400 5,550
Preview Travel Inc. 11 573
Priceline.com 1,700 80,538
Priority Healthcare CP B 200 5,788
Pro Net Link Corp. 1,000 2,031
Procter & Gamble Co. 15 1,643
Public Service Co. New Mexico 100 1,625
Qualcomm Inc. 2,426 427,279
Quintus Corporation 60 2,753
Qwest Communications International Inc. 853 36,679
Rambus Inc. Del 100 6,744
Recordlab Dorp 1,998 4,995
Recoton Corp. 1,000 9,000
</TABLE>
-17-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
Redhat IC 30 $ 6,338
Reebok International Ltd. 200 1,638
Renal Care Group Inc. 700 16,363
Revlon Inc. Cl A 1,000 7,938
Ridgeview Inc. 2,000 3,250
Rite Aid Corporation 12,390 137,839
Safeway Inc. 1,358 48,549
Salon.com Inc. 100 500
Sanmina Corp. 50 4,994
Saraonline.com Inc. 700 0
Scientific Atlanta Inc. 100 5,596
Scios Inc. 5,000 20,938
Seagram Ltd. 21 940
Sensory Science Corp. 1,876 3,283
Seracare Inc. 1,000 3,500
Service Corp International 335 2,324
Seven Seas Petroleum 1,000 1,750
Shaman Pharmaceuticals New 30,025 330
Siebel Systems Inc. 775 65,100
Silicon Graphics Inc. 2,000 19,375
Silicon Valley Resh New 350 126
Solectron Corp. Del 122 11,605
Southwall Technologies 462 2,137
Southwest Airlines Co. 200 3,226
Sports Authority Inc. 6,000 12,000
Sprint PCS Group 217 22,243
Stamford International Inc. 1,500 21,188
Starbucks Corp. 300 7,275
Starmedia Network Inc. 26 1,042
Starnet Communications International Inc. 10,000 24,063
Sterling Commerce Inc. 200 6,800
Styling Technology Corp. 130 406
Sun Healthcare Group Inc. 1,500 60
Sun Microsystems Inc. 753 58,310
Sunrise Tech International Inc. 50 591
Symantec Corp. 75 4,397
Synopsys Inc. 200 13,350
System Soft Corp. 20,000 1,500
S3 Inc. New 158 1,827
TD Waterhouse Group 700 11,550
</TABLE>
-18-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
Tommy Hilfiger Corp. 50 $ 1,169
T C I Satellite Ent Cl A 1,000 16,000
Talk Visual Corporation 5,500 2,200
Talk.com Inc. 50 888
Team America Corporation 490 2,787
Tech Data Corp. 20 543
Tegal Corp. 1,000 8,844
Tellabs Inc. 700 44,931
Telefficiency Holding Cl A 7,000 5,688
Teleglobe Inc. 66 1,497
Texas Instruments Inc. 408 39,436
TheGlobe.com Inc. 1,000 8,375
Thermedicsinc 1,000 5,438
3Com Corp. 200 9,400
Tiffany & Co New 350 31,256
Tokheim Corporationcom 1,400 5,075
Trans Orient Pete Ltd F Canadian Shares 1,000 380
Transocian Sedco Forex F 200 6,738
Trend Micro Spon SDR F 1,000 24,250
Truetime Inc. 300 2,100
Tyco International Ltd New 550 21,450
U R S Corp. New 200 4,338
U S West NC 104 7,488
U S X Marthon Group 101 2,488
Union Pacific Corp. 52 2,272
United Parcel Service B 560 38,640
Untied States Cellular 200 20,188
United Technologies Corp. 30 1,963
Uslab.com Inc. Restricted Shares 230 690
V I S X Inc. Delaware 108 5,589
Valley Media Inc. 500 3,500
Virtualfund.com Inc. 750 3,633
Vista Gold Corp. 2,000 188
Vitesse Semiconductor CP 507 26,586
Wabash National Corp. 100 1,500
Wal-Mart Stores Inc. 2,840 196,326
Walgreen Company 300 8,789
Washington Homes Inc. 1,000 5,000
Watson Pharmaceuticals 200 7,163
Wave Systems Corp. CA A 2,000 23,875
</TABLE>
-19-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
COMMON STOCKS: (CONTINUED)
Webb Interactive Services 100 $ 2,275
Webs Index Fund Japan F 790 12,887
Whittman Hart Inc. 100 5,363
Wind River Systems Inc. 500 18,313
Winstar Communications 100 7,525
Wireless Telecom Group 2,000 6,375
Wordcruncher Internet 200 1,150
World Wresting Federation Cl A 150 2,588
Worldwide Web NTWRKX Corp 300 1,688
Xerox Corp. 725 16,448
Xilinx Inc. 240 10,913
Yahoo! Inc. 38 16,442
Yesmail.com Inc. 100 3,381
Zap.com Corp. 2 12
Zapata Corporation New 100 463
Zitel Corp. 150 366
Golden St Bancorp 00 WTS 8/21/00 4,000 26,375
------------
Total Common Stocks 6,791,681
REGISTERED INVESTMENT COMPANIES:
* American Century Equity Growth Fund 3,285,747 86,173,637
* American Century Income & Growth Fund 2,018,327 68,712,535
American Europacific Fund 419,614 17,892,098
* JPM US Small Company Fund 972,542 17,003,979
Spectra Fund 614 8,245
Baron Growth Fund 72 2,424
Berburg Pincus Global Telecommunications 268 19,241
Berger Small Cap Value Fund - Investor Shs 1,239 26,818
* American Century Target 2025 Fund 110 2,721
Dodge & Cox Balanced Fund 17 1,135
Dreyfus Premier Technology Growth Cl A 224 11,924
Fidelity Capital & Income Fund 3,862 35,879
Fidelity Magellan Fund 59,700 8,156,852
Fidelity Dividend Growth Fund 354 10,277
Fidelity OTC Portfolio 435 29,581
Fidelity Select Biotechnology 98 6,565
Fidelity Select Electronics 374 33,243
Fidelity Select Technology Portfolio 22 3,417
Fidelity Select Utilities Growth 389 25,712
</TABLE>
-20-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
REGISTERED INVESTMENT COMPANIES: (CONTINUED)
Fidelity Select Leisure 58 $ 5,293
Fidelity Contrafund II 461 6,872
Fidelity Equity Income Fund 46,393 2,481,117
Fidelity Asset Manager Income 421 5,123
Invesco Telecommunications Fund 53 2,725
Investo Technology II Fund 452 36,527
Inv Millenium Fund Cl A 274 18,559
Gabelli Growth Fund 72 3,345
H & Q IPO & Emerging Company Fund - Common 662 9,389
Guinness Flight Internet.com 56 1,268
Janus Fund 7,818 344,394
Janus Olympus Fund 3,118 166,090
Janus Global Technology Fund 2,757 85,271
Janus Twenty Fund 4,597 383,498
Janus Mercury Fund 6,135 268,786
Janus Growth & Income Fund 813 34,111
Janus Balanced Fund 50 1,168
Janus Worldwide Fund 547 41,826
Janus Enterprise Fund 36 2,782
Janus Special Situations Fund 2,995 69,032
Amerindo Technology Fund 270 8,960
Profunds Ultraotc Fund - Investor Shs 205 20,221
Marisco Focus Fund 233 5,459
Mas Small Capitalization Growth Portfolio 332 16,546
Millenium Growth & Income Fund 508 9,925
Nicholas II Fund 128 4,600
Havellier Mid Cap Growth 2,880 86,982
Oakmark Fund - Harris Assoc Investment Tr 99 2,692
Oak Aggressive Stock Fund 155 8,337
PSHG Technology & Communications Fund 90 6,093
T Rowe Price Emerging Markets Stock Fund 452 7,016
T Rowe Price Mid Cap Growth 867 34,786
T Rowe Price New Asia Fund 502 5,000
T Rowe Price Latin America Fund 465 5,030
T Rowe Price Small Cap Value Fund 285 5,019
Rydex Energy Services Fund - Investor Class 3,326 23,313
Rs Emerging Growth Fund 1,041 63,132
Safeco Growth Fund Inc. 1,187 27,647
Scudder Greater Europe Growth 165 5,847
Internet Fund 27 1,359
</TABLE>
-21-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description of investment including
maturity date, rate of interest,
Party-in- Identity of issue, borrower, collateral, par or maturity value, Current
interest lessor or similar party or number of shares Value
-------- ----------------------- ------------------- ------------
<S> <C> <C> <C>
REGISTERED INVESTMENT COMPANIES: (CONTINUED)
Firsthand Technology Value Fund 473 $ 42,832
Firsthand Technology Leaders Fund 71 3,185
Firsthand Technology Innovators Fund 2,770 136,746
Firsthand Communications Fund 142 2,081
Firsthand E-Commerce Fund 136 2,016
* American Century Growth Fund 759 24,492
* American Century Ultra Fund 76 3,462
* American Century Emerging Markets Fund - Inv 163 1,141
Tweedy Browne Global Value Fund 99 1,993
Van Wagoner Technology Fund 44 2,563
Van Wagoner Emerging Growth Fund 361 15,482
Weitz Value Portfolio 310 10,257
Warburg Pincus Japan Growth Fund 180 6,211
Schwab International Index Fund 60 1,217
Schwab S&P 500 Investor Shs 103 2,317
Schwab S&P 500 Select Shares 3,583 81,144
Schwab 1000 Fund 66 2,642
Schwab Mkttrk Balanced 336 5,198
Schwab Mktmgr International 61 1,074
Schwab Mkttrk All Equity 141 1,783
Schwab Total Stk Mkt-Inv 1,175 27,146
Schwab Total be Mkt Index Fund 2 22
------------
Total Registered Investment Companies 202,846,427
INSURANCE COMPANY GENERAL ACCOUNT:
Principal Life Insurance Co. - # 4-09709 5.06% matures
December 31, 1999 1,678,941
Sun Life of Canada - # S-00864-G-001 5.74% matures
June 2000 4,342,876
------------
Total Insurance Company General Account 6,021,817
EMPLOYER STOCK:
* Phelps Dodge 667,155 44,952,530
------------
Total Employer Stock 44,952,530
PARTICIPANT LOANS
* Loans to various participants 8% - 12.5% maturing
through 2014 19,371,709
------------
Total Participant Loans 19,371,709
============
</TABLE>
-22-
<PAGE>
PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION
SCHEDULE OF REPORTABLE TRANSACTIONS SCHEDULE II
YEAR ENDED DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current
Expenses value on
Identity of Description Purchase Selling Lease incurred with transaction
party involved of asset price price Rental transaction Cost of asset date Net gain
-------------- -------- ----- ----- ------ ----------- ------------- ---- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Phelps Dodge
Corporation Stock $15,144,817 $15,144,817 $15,144,817 $ --
Phelps Dodge
Corporation Stock 15,327,224 14,185,362 15,327,224 1,141,862
</TABLE>
* Transactions or series of transactions in excess of 5 percent of the
current value of the Plan assets as of December 31, 1998 as defined in
Section 2520.103-6 of the Department of Labor Rules and Regulations for
Reporting and Disclosure under ERISA.
-23-
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Committee has duly caused this Annual Report to be signed by the undersigned
hereunto duly authorized.
PHELPS DODGE EMPLOYEE SAVINGS PLAN
Date: By: /s/ David L. Pulatie
---------- ------------------------------------
David L. Pulatie, Chairman
Benefits Administration Committee
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