UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
Annual Report Pursuant to Section 15d
of the Securities Exchange Act of 1934
For the Fiscal Period ended December 31, 2010
Commission File Numbers 1-15147
| A. | Full title of the plan: |
OMNOVA SOLUTIONS RETIREMENT SAVINGS PLAN
(Plan)
| B. | Names of issuers of the securities held pursuant to the plan and the addresses of their principal executive offices: |
OMNOVA Solutions Inc.
175 Ghent Road
Fairlawn, OH 44333-3300
AUDITED FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
OMNOVA Solutions Retirement Savings Plan
December 31, 2010 and 2009 and Year ended December 31, 2010
with Report of Independent Registered Public Accounting Firm
OMNOVA Solutions Retirement Savings Plan
Audited Financial Statements and Supplemental Schedule
December 31, 2010 and 2009 and
Year ended December 31, 2010
| 1 | ||||
| Audited Financial Statements |
||||
| 2 | ||||
| 3 | ||||
| 4 | ||||
| Supplemental Schedule |
||||
| Schedule H, Line 4i—Schedule of Assets (Held at End of Year) |
14 | |||
Report of Independent Registered Public Accounting Firm
To the Participants and Plan Administrator
OMNOVA Solutions Retirement Savings Plan
We have audited the accompanying statements of net assets available for benefits of OMNOVA Solutions Retirement Savings Plan (the “Plan”) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2010 and 2009, and the changes in its net assets available for benefits for the year ended December 31, 2010, in conformity with accounting principles generally accepted in the United States of America.
As discussed in Note B, the Plan adopted new accounting guidance as of December 31, 2010 related to accounting for loans to participants.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2010, 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 and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
| /s/ GRANT THORNTON, LLP |
| Cleveland, Ohio |
| June 29, 2011 |
1
OMNOVA Solutions Retirement Savings Plan
Statements of Net Assets Available for Benefits
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| Assets |
||||||||
| Investments, at fair value |
$ | 83,992,503 | $ | 71,750,063 | ||||
| Non-interest bearing cash |
54,471 | 362,532 | ||||||
| Receivables: |
||||||||
| Notes receivable from participants |
1,467,336 | 1,267,153 | ||||||
| Pending sales |
— | 170,366 | ||||||
| Total receivables |
1,467,336 | 1,437,519 | ||||||
| Total Assets |
85,514,310 | 73,550,114 | ||||||
| Liabilities |
||||||||
| Excess employee contribution payable |
(1,505 | ) | (4,997 | ) | ||||
| Pending purchases |
— | (491,955 | ) | |||||
| Total Liabilities |
(1,505 | ) | (496,952 | ) | ||||
| Net assets available for benefits at fair value |
85,512,805 | 73,053,162 | ||||||
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
(457,705 | ) | — | |||||
| Net assets available for benefits |
$ | 85,055,100 | $ | 73,053,162 | ||||
The accompanying notes to financial statements are an integral part of these statements.
2
OMNOVA Solutions Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2010
| Additions |
||||
| Additions to net assets attributed to: |
||||
| Investment income: |
||||
| Dividend and interest income |
$ | 730,482 | ||
| Net appreciation in fair value of investments |
10,431,593 | |||
| Total investment income |
11,162,075 | |||
| Interest income on notes receivable from participants |
72,947 | |||
| Contributions: |
||||
| Employee |
4,856,056 | |||
| Employer |
1,665,805 | |||
| Rollovers |
86,412 | |||
| Total contributions |
6,608,273 | |||
| Total additions |
17,843,295 | |||
| Deductions |
||||
| Deductions to net assets attributed to: |
||||
| Benefits paid to participants |
5,830,065 | |||
| Trustee and manager fees |
11,292 | |||
| Total deductions |
5,841,357 | |||
| Net increase |
12,001,938 | |||
| Net assets available for benefits, beginning of year |
73,053,162 | |||
| Net assets available for benefits, end of year |
$ | 85,055,100 | ||
The accompanying notes to financial statements are an integral part of this statement.
3
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements
December 31, 2010 and 2009 and
Year ended December 31, 2010
A. Description of Plan
The following description of the OMNOVA Solutions Retirement Savings Plan (Plan) provides only general information. Participants should refer to the Plan Document for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan available to all domestic employees of OMNOVA Solutions Inc. (OMNOVA, the Company). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Contributions
Participants may elect to make before-tax and/or after-tax contributions to the Plan ranging from 1% to 50% of their annual compensation, subject to certain limitations. Matching contributions for non-union participants are discretionary and can be suspended or terminated at any time. Matching contributions for salaried and non-union hourly participants are currently at 50% of the first 6% of compensation contributed by a participant. Matching contributions for union hourly employees are determined by the collective bargaining agreement for each union and range from 0% up to 50% of the first 6% of compensation contributed by a participant. Matching contributions for salaried participants were suspended from November 7, 2008 through August 15, 2009. Participants may also contribute amounts representing distributions from other qualified plans.
Upon enrollment, a participant may direct employee contributions in whole percentage increments to any of the Plan’s fund options except the OMNOVA Stock Fund. In addition, participants may appoint an investment professional and establish a self-directed investment account for the purpose of investing their contributions in investment options outside of the funds offered by the Plan, subject to limitations provided in the Plan document. Participants may change their investment options each payroll period. Employer contributions are made in OMNOVA stock and/or cash and are made to the OMNOVA Stock Fund. Once received by the Plan, participants may direct the investment of employer contributions into any investment option offered by the Plan.
4
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
A. Description of Plan (continued)
Participant Accounts
A separate account is maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions and allocations of (a) OMNOVA’s contributions and, as the case may be, (b) Plan earnings (losses), and is charged with an allocation of certain administrative expenses (see “Plan Expenses” below). Allocations are based on participant earnings (losses) or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Vesting
Participants are immediately vested in their contributions plus actual earnings thereon. A participant’s interest in the matching contributions made for his or her benefit is at all times vested and not subject to forfeiture, except such forfeitures as may be required or permitted in order to meet the non-discrimination provisions of the Internal Revenue Code (Code) or other applicable provisions of law.
Notes Receivable from Participants
Participants may borrow from their fund accounts up to 50% of their account balance but not more than $50,000. OMNOVA matching contributions are not available for loans, but are included in computing the amount available for loans. Loan terms range from 1 - 5 years or up to 10 years for the purchase of a primary residence. The loans are secured by the balance in the participants’ accounts and bear interest at a fixed rate at least equivalent to the prevailing interest rate charged by persons in the business of lending money for loans which would be made under similar circumstances. Principal and interest is paid ratably through payroll deductions. The interest rates on loans outstanding at December 31, 2010 and 2009, range from 4.25% to 9.25% and 4.25% and 10.25%, respectively.
Distributions
Subject to certain limitations, a participant may withdraw all or part of their account balance upon the attainment of age 59 1/2. Distributions are required to begin at age 70 1/2 (in accordance with the Worker, Retiree and Employer Recovery Act of 2008, this requirement has been suspended for 2009 and 2010). Distribution of the account balance to a participant who terminates or elects an in-service withdrawal is made in accordance with the terms of the Plan.
Plan Expenses
A proportionate share of fees and expenses paid by the Plan for investment managers and other service providers is charged to each Plan participant’s account. All fees are deducted quarterly from participants’ accounts. Expenses incurred in connection with the purchase or sale of securities are paid from trust assets. All other administrative costs of the Plan are paid by OMNOVA.
5
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
B. Summary of Accounting Policies
Basis of Presentation
The Plan’s financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles.
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 Statement 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.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note D for a discussion of fair value measurement.
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. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
Adoption of New Accounting Policies
In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06, Fair Value Measurements and Disclosures (Topic 820) - Improving Disclosures About Fair Value Measurements (ASU 2010-06), to add new disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements relating to Level 3 measurements. ASU 2010-06 also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. This ASU was effective for the Plan in 2010, except for the requirement to provide Level 3 activity of purchases, sales, issuances and settlements on a gross basis, which will be effective for the Plan January 1, 2011. The adoption of this guidance did not have a material impact on the Plan’s financial statements and disclosures.
6
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
B. Summary of Accounting Policies (continued)
In September 2010, the FASB issued ASU No. 2010-25, Plan Accounting – Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans, which provides guidance on how loans to participants should be classified and measured by defined contribution plans. That guidance requires participant loans to be classified as notes receivable from participants, which are segregated from plan investments and measured at their unpaid principle balance plus any accrued but unpaid interest. The Plan adopted this guidance in its December 31, 2010 financial statements and has reclassified participant loans of $1,267,153 for the year ended December 31, 2009 from investments to notes receivable from participants. Net assets of the Plan were not affected by the adoption of this new guidance.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying footnotes. Actual results could differ from those estimates.
C. Net Asset Value Per Share
The following table sets forth a summary of the Plan’s investments with a reported NAV as of December 31, 2010 and 2009.
| Fair Value | ||||||||
| 2010 | 2009 | |||||||
| Federated Capital Preservation Fund (a) |
$ | 13,828,981 | $ | — | ||||
| National City Capital Preservation Fund (b) |
— | 14,046,295 | ||||||
| S&P 500 Flagship Fund (c) |
9,938,090 | 9,066,764 | ||||||
| Total |
$ | 23,767,071 | $ | 23,113,059 | ||||
| (a) | The Federated Capital Preservation Fund seeks to achieve high income and stability of principal by investing in money market instruments, collective funds, guaranteed investment contracts (“GIC’s”) and synthetic GIC’s. |
| (b) | The National City Capital Preservation Fund seeks to achieve high income and stability of principal by investing in mutual and collective funds. |
| (c) | The S&P 500 Flagship Fund seeks to match the return of the S & P 500 Index. |
For the S&P Flagship Fund, there were no redemption restrictions or redemption notice period, and the redemption frequency was immediate.
7
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
C. Net Asset Value Per Share (continued)
For the Federated Capital Preservation Fund, participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value daily without any redemption notice or restrictions. Plan level initiated transactions require a twelve month redemption notice in order to withdraw at full book value. Plan level initiated transactions with less than a twelve month redemption notice may incur an adjustment to book value. Certain events limit the ability of the Plan to transact at contract value with the issuer, however, the Plan administrator does not believe that any events which would limit the Plan’s ability to transact at contract value with participants are probable of occurring.
As of December 31, 2009, the underlying investments of the National City Capital Preservation Fund (the “NCCP Fund”) consisted of a money market fund and a stable value collective fund. The NCCP Fund terminated as of March 9, 2010 at which time participants redirected their existing balances in the NCCP Fund as well as future contributions to other investment options offered by the Plan. As of December 31, 2009, contract value for the NCCP Fund approximated fair value.
D. Fair Value Measurements
Investments are recorded at fair value as prescribed under ASC 820 “Fair Value Measurements”. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Financial assets and liabilities are measured at fair value and categorized in three levels based on the assumptions (input) used to value the assets. The three levels are:
Level 1 – Observable inputs such as quoted prices in an active market for identical assets or liabilities.
Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in an active market, quoted prices in markets that are not active, and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
8
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
D. Fair Value Measurements (continued)
The asset’s 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 to maximize the use of observable inputs and minimize the use unobservable inputs.
As required under ASU 2009-12, investments for which the Plan has the ability to redeem those investments with the investee at net asset value as of the measurement date, the Plan categorizes the fair value measurement of those investments as a Level 2 fair value measurement.
The following financial assets were measured at fair value on a recurring basis during 2010:
| Fair Value at December 31, 2010 |
Level 1 | Level 2 | Level 3 | |||||||||||||
| Money market funds |
$ | 359,960 | $ | 359,960 | $ | — | $ | — | ||||||||
| Mutual funds: |
||||||||||||||||
| Balanced |
27,825,031 | 27,825,031 | — | — | ||||||||||||
| Growth |
7,939,856 | 7,939,856 | — | — | ||||||||||||
| Fixed income |
7,562,051 | 7,562,051 | — | — | ||||||||||||
| Total mutual funds |
43,326,938 | 43,326,938 | — | — | ||||||||||||
| Common stock: |
||||||||||||||||
| OMNOVA Solutions Inc. |
15,892,157 | 15,892,157 | — | — | ||||||||||||
| Automotive |
100,428 | 100,428 | — | — | ||||||||||||
| Entertainment |
95,618 | 95,618 | — | — | ||||||||||||
| Industry |
89,750 | 89,750 | — | — | ||||||||||||
| Retail |
185,031 | 185,031 | — | — | ||||||||||||
| Other |
175,550 | 175,550 | — | — | ||||||||||||
| Total common stock |
16,538,534 | 16,538,534 | — | — | ||||||||||||
| Collective trusts |
||||||||||||||||
| Stable value |
13,828,981 | — | — | 13,828,981 | ||||||||||||
| S&P 500 index |
9,938,090 | — | 9,938,090 | — | ||||||||||||
| Total collective trusts |
23,767,071 | — | 9,938,090 | 13,828,981 | ||||||||||||
| Total |
$ | 83,992,503 | $ | 60,225,432 | $ | 9,938,090 | $ | 13,828,981 | ||||||||
9
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
D. Fair Value Measurements (continued)
The following financial assets were measured at fair value on a recurring basis during 2009:
| Fair Value at December 31, 2009 |
Level 1 | Level 2 | Level 3 | |||||||||||||
| Money market fund |
$ | 545,871 | $ | 545,871 | $ | — | $ | — | ||||||||
| Mutual funds: |
||||||||||||||||
| Balanced |
23,156,786 | 23,156,786 | — | — | ||||||||||||
| Growth |
6,766,576 | 6,766,576 | — | — | ||||||||||||
| Fixed income |
6,215,178 | 6,215,178 | — | — | ||||||||||||
| Total mutual funds |
36,138,540 | 36,138,540 | — | — | ||||||||||||
| Common stock: |
||||||||||||||||
| OMNOVA Solutions Inc. |
11,846,948 | 11,846,948 | — | — | ||||||||||||
| Other |
105,645 | 105,645 | — | — | ||||||||||||
| Total common stock |
11,952,593 | 11,952,593 | — | — | ||||||||||||
| Collective trusts |
23,113,059 | — | 23,113,059 | — | ||||||||||||
| Total |
$ | 71,750,063 | $ | 48,637,004 | $ | 23,113,059 | $ | — | ||||||||
A reconciliation of beginning and ending Level 3 measurements during 2010 is as follows:
| Stable Value |
||||
| Beginning balance |
$ | — | ||
| Transfer into Level 3 |
— | |||
| Interest income |
741,858 | |||
| Purchases |
16,248,118 | |||
| Sales |
(3,160,995 | ) | ||
| Settlement and other |
— | |||
| Ending balance |
$ | 13,828,981 | ||
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2010 and 2009.
Investments in money market funds are valued at quoted market prices in an exchange and active markets. Investments in mutual funds are valued at net asset value (NAV) of shares held by the plan at year end. Investments in common stock are valued at the closing price reported on the active market on which the individual securities are traded. The S&P 500 Flagship Fund, a collective trust fund, is valued at the NAV of the fund which is based on the fair value of the underlying investments, using quoted market prices.
10
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
D. Fair Value Measurements (continued)
The Plan’s investments include the Federated Capital Preservation Fund (the “Fund”), a fully benefit-responsive collective trust fund. The Fund’s underlying investments include guaranteed investment contracts (“GIC’s”) and synthetic GIC’s. The fair value of the GIC’s is determined based on the present value of the contracts’ expected cash flows, discounted at current market interest rates for like quality and duration investments. Synthetic GIC’s are comprised of underlying investments in a collective trust and wrapper contracts issued by third parties. The underlying investments of the synthetic investment contract are recorded at fair value based on quoted market prices. The wrapper contract is reported at fair value as determined by the Funds’ investment advisor based on changes in the present value of the contracts expected cash flows discounted at current market rates.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
E. Investments
During the year ended December 31, 2010, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated in fair value as follows:
| OMNOVA common stock |
$ | 4,363,411 | ||
| Other common stock held in self-directed brokerage accounts |
117,667 | |||
| Mutual Funds |
5,950,515 | |||
| $ | 10,431,593 | |||
11
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
E. Investments (continued)
Investments that represent 5% or more of the Plan’s net assets at either December 31, 2010 or 2009 are as follows:
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| OMNOVA Common Stock |
$ | 15,892,157 | $ | 11,846,948 | ||||
| Federated Capital Preservation Fund (at contract value) |
13,371,276 | — | ||||||
| National City Capital Preservation Fund (at contract value) |
— | 14,046,295 | ||||||
| S&P 500 Flagship Fund |
9,938,090 | 9,066,764 | ||||||
| PIMCO Total Return Fund |
7,562,051 | 6,215,176 | ||||||
| American Balanced Fund |
7,429,438 | 6,091,614 | ||||||
| Growth Fund of America |
4,870,744 | 4,406,887 | ||||||
F. Plan Termination
Although it has not expressed any intent to do so, OMNOVA has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would continue to be 100 percent vested in their accounts.
G. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated August 5, 2009 stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.
Plan management is required to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2010 and 2009, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2006.
12
OMNOVA Solutions Retirement Savings Plan
Notes to Financial Statements (continued)
H. Party-in-Interest Transactions
Party-in-interest transactions include the investment in the PNC Prime Money Market Fund with PNC Bank, NA (the “Trustee”, formerly National City Bank, NA) and in the common stock of the Company.
At December 31, 2010 the Plan held 1,902,814 shares of OMNOVA Solutions Inc. common stock with a fair value of $15,892,157. At December 31, 2009 the Plan held 1,360,592 shares of OMNOVA Solutions Inc. common stock with a fair value of $11,846,948.
I. 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.
J. Reconciliation of Financial Statements with Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2010 to Form 5500:
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| Net assets available for benefits per the financial statements |
$ | 85,055,100 | $ | 73,053,162 | ||||
| Adjustments from contract value to fair value for fully benefit-responsive investment contracts |
457,705 | — | ||||||
| Net assets available for benefits as reported in Form 5500 |
$ | 85,512,805 | $ | 73,053,162 | ||||
| Year
Ended December 31, 2010 |
||||
| Net change in net assets available for benefits per the financial statements |
$ | 12,001,938 | ||
| Adjustments from contract value to fair value for fully benefit-responsive investment contracts |
457,705 | |||
| Net change in net assets available for benefits as reported in Form 5500 |
$ | 12,459,643 | ||
13
OMNOVA Solutions Retirement Savings Plan
EIN: 34-1897652 Plan Number: 013
Schedule H, Line 4i—Schedule of Assets
(Held at End of Year)
December 31, 2010
| Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment, Par or Maturity Value |
Current Value |
||||
| OMNOVA Solutions Inc. Common Stock* |
Common stock | $ | 15,892,157 | |||
| Federated Capital Preservation Fund |
Stable Value fund | 13,828,981 | ||||
| S&P 500 Flagship Fund |
Collective trust fund | 9,938,090 | ||||
| PIMCO Total Return Fund |
Mutual fund | 7,562,051 | ||||
| American Balanced Fund |
Mutual fund | 7,429,438 | ||||
| Growth Fund of America |
Mutual fund | 4,870,744 | ||||
| Templeton Foreign Fund |
Mutual fund | 3,655,736 | ||||
| Artio International Equity Fund |
Mutual fund | 3,121,040 | ||||
| Calamos Growth Fund |
Mutual fund | 2,952,308 | ||||
| Vanguard Index Mid-Cap Stock Fund |
Mutual fund | 2,803,282 | ||||
| Selected American Fund |
Mutual fund | 2,435,145 | ||||
| DFA US 6-10 Small Company Portfolio |
Mutual fund | 2,435,626 | ||||
| T Rowe Price Retirement 2030 |
Mutual fund | 1,958,853 | ||||
| T Rowe Price Retirement 2020 |
Mutual fund | 1,980,617 | ||||
| T Rowe Price Retirement 2010 |
Mutual fund | 1,033,178 | ||||
| T Rowe Price Retirement 2040 |
Mutual fund | 606,828 | ||||
| Vanguard Index Small Cap Stock Fund |
Mutual fund | 204,774 | ||||
| T Rowe Price Retirement Inc |
Mutual fund | 160,515 | ||||
| Self-Directed Brokerage Accounts |
Various | 938,196 | ||||
| PNC Prime Money Market Fund* |
Money market fund | 184,944 | ||||
| Participant loans* |
At interest rates ranging from 4.25% to 9.25% |
1,467,336 | ||||
| $ | 85,459,839 | |||||
| * | Indicates party-in-interest to the Plan. |
14
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, OMNOVA Solutions Inc., as Plan Administrator, has duly caused this Annual Report to be signed on its behalf by the undersigned thereunto duly authorized.
| OMNOVA SOLUTIONS RETIREMENT SAVINGS PLAN | ||
| By | /s/ Michael E. Hicks | |
| Michael E. Hicks | ||
| Senior Vice President and Chief | ||
| Financial Officer | ||
Date: June 29, 2011
15
Exhibit Index
| Exhibit |
Description | |
| 23.1 | Consent of Independent Registered Public Accounting Firm | |
16