e11vk
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2006 and 2005
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 1-11846
A. Full title of the Plan:
APTARGROUP, INC. PROFIT
SHARING AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
APTARGROUP, INC.
475 West Terra Cotta Avenue, Suite E
Crystal Lake, Illinois 60014
Telephone: (815) 477-0424
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
|
|
|
|
|
|
|
Page |
|
|
|
|
|
Financial Statements: |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
4-12 |
|
|
|
|
|
Supplemental Schedule: |
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
Consent of Independent Registered Public Accounting Firm |
|
|
|
|
Consent |
Note: All other schedules of additional financial information required by Section 2520.103-10 of
the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Employee Benefits Administrative Committee
AptarGroup, Inc. Profit Sharing and Savings Plan
Crystal Lake, Illinois
We have audited the accompanying statements of net assets available for benefits of the AptarGroup,
Inc. Profit Sharing and Savings Plan (the Plan) as of December 31, 2006 and 2005, and the related
statement of changes in net assets available for benefits for the year ended December 31, 2006.
These financial statements are the responsibility of the Plans 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. 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.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2006 and 2005, and
the changes in net assets available for benefits for the year ended December 31, 2006 in conformity
with U.S. generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of assets (held at end of year) is not a required part
of the basic financial statements but is supplementary information required by the Department of
Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule is the responsibility of the Plans management.
The supplemental schedule has been subjected to the auditing procedures applied in the audit of the
basic 2006 financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic 2006 financial statements taken as a whole.
|
|
|
|
|
/s/ Crowe Chizek and Company LLC |
|
|
Crowe Chizek and Company LLC |
Oak Brook, Illinois
June 26, 2007
1
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
AT DECEMBER 31, 2006 AND 2005
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2005 |
|
Assets: |
|
|
|
|
|
|
|
|
Investments, at fair value (Note 7) |
|
$ |
88,440,304 |
|
|
$ |
79,020,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions receivable: |
|
|
|
|
|
|
|
|
Participant |
|
|
187,072 |
|
|
|
150,903 |
|
Employer |
|
|
61,481 |
|
|
|
53,263 |
|
|
|
|
|
|
|
|
|
|
Other receivables: unsettled trades |
|
|
787,685 |
|
|
|
8,953 |
|
|
|
|
|
|
|
|
Total receivables |
|
|
1,036,238 |
|
|
|
213,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
89,476,542 |
|
|
|
79,233,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits |
|
$ |
89,476,542 |
|
|
$ |
79,233,794 |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these statements.
2
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2006
|
|
|
|
|
Additions to net assets attributed to: |
|
|
|
|
|
|
|
|
|
Income from investments: |
|
|
|
|
|
|
|
|
|
Net depreciation in fair value of investments (Note 7) |
|
$ |
(2,370,159 |
) |
Dividends |
|
|
10,268,697 |
|
Interest |
|
|
111,538 |
|
|
|
|
|
Total investment income |
|
|
8,010,076 |
|
|
|
|
|
|
Contributions: |
|
|
|
|
Participant |
|
|
5,132,239 |
|
Employer |
|
|
1,612,625 |
|
|
|
|
|
Total contributions |
|
|
6,744,864 |
|
|
|
|
|
|
|
|
|
|
Total additions |
|
|
14,754,940 |
|
|
|
|
|
|
Deductions from net assets attributed to: |
|
|
|
|
|
|
|
|
|
Benefits paid to participants |
|
|
4,467,119 |
|
Administrative expenses |
|
|
45,073 |
|
|
|
|
|
|
|
|
|
|
Total deductions |
|
|
4,512,192 |
|
|
|
|
|
|
|
|
|
|
Net increase in net assets available
for benefits for the year |
|
|
10,242,748 |
|
|
|
|
|
|
Net assets available for benefits, beginning
of the year |
|
|
79,233,794 |
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits, end
of the year |
|
$ |
89,476,542 |
|
|
|
|
|
The accompanying notes are an integral part of these statements.
3
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
NOTE
1 DESCRIPTION OF THE PLAN
The following description of the AptarGroup, Inc. Profit Sharing and Savings Plan (the Plan)
provides only general information. Participants should refer to the plan document for a more
complete description of the Plans provisions.
The Plan, established on April 22, 1993, is a participant-directed defined contribution plan which
covers eligible full-time and part-time non-union employees of AptarGroup, Inc. and certain of its
subsidiaries (the Company or the Employer). The Plan is administered by a committee appointed
by the Company, consisting of Company employees.
A participant (Participant or Participants) is a full-time employee who becomes eligible to
participate on the first day of the month following 30 days of service, or a part-time employee who
becomes eligible to participate after completion of 1000 hours of service in any consecutive
twelve-month period. Participation is elective and is exercised by means of authorizing
contributions of salary to the Plan of not less than 1 percent and not more than 25 percent of
earnings (subject to Internal Revenue Code (IRC) limitations). Participants earnings are
generally defined as total compensation for services rendered to the Employer. Participants may
elect to suspend their contributions at any time. Eligible employees will not share in any
Employer contributions for any period in which they voluntarily suspend their contributions or do
not participate in the Plan. Active participation can be elected again on the next regular
enrollment date.
Contributions
The amount of Employer contributions is determined annually by the Employer on a discretionary
basis. Such contributions are computed as a matching percentage of each Participants contribution
within specified limits. The Company matched 50% of Participant contributions up to the first 6%,
plus an additional discretionary contribution for the year ended December 31, 2006.
Plan Investments
Fidelity Management Trust Company (the Trustee) is the trustee for the Plan. Participants may
direct their contributions and the employer matching contribution to any combination of the
following investment options which includes the following investment funds (the Trust) available
to Participants:
Retirement
Government Money Market Portfolio - Assets included in this fund are invested in U.S.
government securities and repurchase agreements for those securities. The goal of this fund is to
preserve a level of current income as is consistent with the security of principal and liquidity.
4
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
Fidelity Magellan Fund - Assets included in this fund are primarily invested in common stock and
securities of domestic and foreign issuers with the intention of seeking capital appreciation.
Fidelity Managed Income Portfolio - Assets included in this fund are primarily invested in
investment contracts issued by insurance companies and other financial institutions, and in fixed
income securities. The goal of this fund is to preserve a principal investment while earning
interest income.
Fidelity Growth and Income Portfolio - Assets included in this fund are normally invested in common
stock with a focus on those that pay current dividends and show potential for capital appreciation.
The goal of this fund is to provide high total return through a combination of current income and
capital appreciation.
Fidelity Diversified International Fund - The fund primarily invests in common stock of foreign
securities. Foreign investments involve greater risk and may offer greater potential returns than
U.S. investments. The goal of this fund is to provide capital growth.
Fidelity Asset Manager Fund - Assets included in this fund are invested in all basic types of U.S.
and foreign investments including, but not limited to: stocks, bonds, and short-term and money
market instruments. The goal of this fund is to provide high total return with reduced risk over
the long term.
Fidelity Small Cap Independence Fund - The fund normally invests at least 80% of total assets in
securities of companies with small market capitalizations. The fund may invest in securities of
domestic and foreign issuers. The goal of the fund is to provide capital appreciation.
PIMCO Total Return Fund Administrative Class - The fund invests in all types of bonds, including
U.S. government, corporate, mortgage and foreign. While the fund maintains an average portfolio
duration of three to six years, investments may also include short-and long-maturity bonds. The
goal of this fund is to provide high total return that exceeds general bond market indices.
AptarGroup, Inc. Stock Fund - Assets included in this fund are invested in the common stock of the
Employer or its affiliate. Performance of this fund is directly tied to the performance of the
Company as well as to that of the stock market as a whole. The goal of the fund is to increase the
value of the investment over the long term by investing in the stock of the Employer or its
affiliate.
Fidelity Freedom Income Fund - The fund primarily invests in short-term funds (40%), in investment
grade fixed income funds (39%), in domestic equity funds (20%) and in high yield fixed income funds
(1%). The goal of the fund is to provide high current income and, as a secondary objective, some
capital appreciation for those already in retirement.
5
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
Fidelity Freedom 2000 Fund - The fund primarily invests in Fidelity short-term mutual funds (40%),
in investment grade fixed income funds (36%), in domestic equity funds (23%) and in high yield
fixed income funds (1%). The goal of the fund is to provide high total return until its target
retirement date. Thereafter the funds objective will be to seek high current income and, as a
secondary objective, capital appreciation.
Fidelity Freedom 2005 Fund - The fund primarily invests in domestic equity funds (40%), in
investment grade fixed income funds (38%), in Fidelity short-term mutual funds (12%), in
international equity funds (5%) and in high yield fixed income funds (5%). The goal of the fund is
to provide high total return until its target retirement date. Thereafter the funds objective
will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2010 Fund - The fund primarily invests in domestic equity funds (41%), in
investment grade fixed income funds (40%), in Fidelity short-term mutual funds (9%), in
international equity funds (5%) and in high yield fixed income funds (5%). The goal of the fund is
to provide high total return until its target retirement date. Thereafter the funds objective
will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2015 Fund - The fund primarily invests in domestic equity funds (51%), in
investment grade fixed income funds (30%), in international equity funds (9%), in high yield fixed
income funds (7%) and in Fidelity short-term mutual funds (3%). The goal of the fund is to provide
high total return until its target retirement date. Thereafter the funds objective will be to
seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2020 Fund - The fund primarily invests in domestic equity funds (59%), in
investment grade fixed income funds (23%), in international equity funds (10%) and in high yield
fixed income funds (8%). The goal of the fund is to provide high total return until its target
retirement date. Thereafter the funds objective will be to seek high current income and, as a
secondary objective, capital appreciation.
Fidelity Freedom 2025 Fund - The fund primarily invests in domestic equity funds (64%), in
investment grade fixed income funds (18%), in international equity funds (11%) and in high yield
fixed income funds (7%). The goal of the fund is to provide high total return until its target
retirement date. Thereafter the funds objective will be to seek high current income and, as a
secondary objective, capital appreciation.
Fidelity Freedom 2030 Fund - The fund primarily invests in domestic equity funds (70%), in
international equity funds (13%), in investment grade fixed income funds (10%) and in high yield
fixed income funds (7%). The goal of the fund is to provide high total return until its target
retirement date. Thereafter the funds objective will be to seek high current income and, as a
secondary objective, capital appreciation.
6
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
Fidelity Freedom 2035 Fund - The fund primarily invests in domestic equity funds (70%), in
international equity funds (14%), in investment grade fixed income funds (8%) and in high yield
fixed income funds (8%). The goal of the fund is to provide high total return until its target
retirement date. Thereafter the funds objective will be to seek high current income and, as a
secondary objective, capital appreciation.
Fidelity Freedom 2040 Fund - The fund primarily invests in domestic equity funds (70%), in
international equity funds (15%), in high yield fixed income funds (10%) and in investment grade
fixed income funds (5%). The goal of the fund is to provide high total return until its target
retirement date. Thereafter the funds objective will be to seek high current income and, as a
secondary objective, capital appreciation.
Participant Accounts
A Participant may elect to transfer certain portions of his or her account in the Plan from one
fund to another up to twelve times per year subject to certain restrictions between the Retirement
Government Money Market Fund and Managed Income Fund. Each participants account is credited with
contributions and an allocation of plan earnings, and reduced for benefit payments and certain
administrative expenses. Plan earnings are determined and credited to each participants account
on a daily basis in accordance with the proportion of a participants account to all accounts.
Vesting
Each Participant is fully vested in his or her contributions and related earnings at all times.
Vesting of the Employer contribution account occurs at the rate of 20 percent per year of service
on a cumulative basis for each year of service with a participating Employer. Participants may
elect to receive vested benefits in the form of a lump-sum distribution, installment payments, or a
combination of these forms, or a direct transfer to an eligible retirement plan. While employed,
in the event of hardship, participants may withdraw a portion of their vested account balances as
defined by the Plan. Upon withdrawal from the Plan, the Participant will receive the amount of his
or her contributions plus the vested portion of his or her Employer contributions. When a
Participant terminates employment for any reason other than retirement after age 65, death or
disability, the nonvested amounts of the Employer contributions will be forfeited and used to
reduce future contributions of the Employer. The amount of such forfeitures available to reduce
future contributions of the Employer was $64,728 and $70,087 as of December 31, 2006 and 2005,
respectively. Nonvested amounts for Participants who terminate employment for any reason other
than retirement after age 65, death or disability, will be reinstated if reemployment by the
Employer occurs prior to incurring five consecutive one year breaks in service as defined by the
Plan agreement.
7
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
Participant Loans
The Plan provides that a Participant may, for specified reasons, borrow from the Plan an amount not
to exceed the lesser of 50 percent of the Participants vested account balance or $50,000. Each
Participant loan is evidenced by a note and is considered an investment to that Participants
respective account. Each Participant note carries an interest rate equal to the prime rate plus
one percent (loans opened during the year ended December 31, 2006 had interest rates on outstanding
notes ranging from 8.25% to 9.25%) charged by the Trustee on the date of the loan, and repayment
occurs through payroll withholding over a period not to exceed 60 months.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan have been prepared on the accrual basis of accounting.
Valuation of Investments
The Plans investments are stated at fair value. Investments in mutual funds and common stock are
stated at current quoted market prices in actively traded markets. Investments in participant loans
and money market funds are valued at cost, which approximates fair value. The fair value of the
Plans interest in the Fidelity Managed Income Portfolio is determined by the Trustee, based upon
the net asset value of the fund reflecting all underlying investments, including fully
benefit-responsive contracts, at fair value. This common trust fund invests in short-term and
long-term conventional and synthetic investment contracts issued by insurance companies and other
institutions that meet the high credit quality standards established by the Trustee.
Adoption of New Accounting Standard
The Plan retroactively adopted Financial Accounting Standards Board (FASB) Staff Position AAG INV-1
and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by the Certain
Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans (the FSP) in 2006. Pursuant to the adoption of the FSP, fully
benefit-responsive investment contracts included in the underlying investments of common collective
trust funds in which the Plan holds an interest are to be presented at fair value. In addition,
any material difference between the fair value of these investments and their contract value is to
be presented as a separate adjustment line in the statement of net assets available for benefits,
because contract value remains the relevant measurement attribute for that portion of the net
assets available for benefits attributable to fully benefit-responsive contracts. The adoption of
the FSP had no impact on the net assets available for benefits as of December 31, 2006 or 2005.
The net depreciation reported in the statement of
8
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
changes in net assets available for benefits was also not impacted by the adoption of the FSP, as
the amount reflects the contract value of fully benefit responsive contracts held directly or
indirectly by the Plan.
Management has determined that the estimated fair value of the Plans indirect investments in fully
benefit-responsive contracts as of December 31, 2006 and 2005 approximates contract value.
Accordingly, the statements of net assets available for benefit reflect no adjustment for the
difference between net assets with all investments at fair value and net assets available for
benefits.
Contributions
Employer and employee contributions are invested directly in appropriate funds based upon employee
elections made at the date of enrollment or through authorized changes in elections.
Plan Transfers
Participant contributions included in the Statement of Changes in Net Assets in the amount of
$381,064 were transferred to the Plan as a result of the employee rollover provision of the Plan
during 2006.
Payment of Benefits
Benefits are recorded when paid.
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 reported amounts
of net assets and changes thereto. Actual amounts could differ from those estimates.
Security Transactions and Investment Income
Purchases and sales of securities, including related gains and losses, are recorded as of the trade
date. Unsettled security investments represent transactions entered into prior to the end of the
accounting period for which cash settlement is made in a subsequent period. Interest income is
recorded when earned. Dividend income is recorded on the ex-dividend date. Capital gain
distributions are included in dividend income. In accordance with the policy of stating
investments at current value, net appreciation or depreciation is reflected in the Statement of
Changes in Net Assets Available for Benefits. This net appreciation or depreciation consists of
realized and unrealized gains and losses. Realized losses and gains are calculated as the
difference between proceeds from a sales transaction and cost determined on
9
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
an average basis. Unrealized losses and gains are calculated as the change in the fair value
between the beginning of the year (or purchase date if later) and the end of the year.
Trustee and Administrative Expenses
Expenses incurred in the administration of the Plan and Marquette Investment Manager fees are paid
by the Plan through Plan forfeitures, except for loan service fees, which are paid by the
Participants. Certain other costs of plan administration were paid by the Company.
NOTE
3 PARTY-IN-INTEREST TRANSACTIONS
Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan,
any party rendering services to the Plan, the Company, and certain others. The Plan allows
participants to invest their account balances in the AptarGroup Stock Fund. At December 31, 2006
and 2005, the Plan had $11,397,212 and $10,284,496, respectively, invested in Employer Stock
through a unitized investment fund managed by the trustee. The Plan held 193,042 and 197,021
shares of Employer stock as of December 31, 2006 and 2005, respectively. Dividends were paid on
these shares in the amount of $172,125 during the year ended December 31, 2006. These transactions
also qualify as party-in-interest transactions.
Additionally, certain Plan investments are shares of mutual funds, a money market fund, or a common
trust fund managed by the trustee or Fidelity Investments. Fidelity Investments is an affiliate of
Fidelity Management Trust Company, the trustee as defined by the Plan and, therefore, these
transactions qualify as party-in-interest transactions.
The Plan also allows Participants to take loans from their accounts in the Plan. These investments
also qualify as party-in-interest and totaled $2,033,820 and $1,947,724 at December 31, 2006 and
2005, respectively.
Fees paid by the Plan to the Trustee for loan services amounted to $12,678 for the year ended
December 31, 2006. Fees paid by the Plan through Plan forfeitures to the Trustee and Marquette
Investment Manager for trustee and investment management fees amounted to $11,895 and $20,500,
respectively, for the year ended December 31, 2006. These transactions are not prohibited
transactions as defined under the Employee Retirement Income Security Act of 1974 (ERISA).
10
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
NOTE 4 FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by a letter dated April 4,
2002 that the Plan is designed in accordance with applicable sections of the IRC. The Plan has
been amended since receiving the determination letter. However, the Plan administrator believes
that the Plan is designed and continues to be operated in compliance with the applicable
requirements of the IRC. Therefore, no provision for income taxes has been included in the Plans
financial statements.
NOTE 5 RISKS AND UNCERTAINTIES
Investment securities are exposed to various risks, such as interest rate, market and credit. Due
to the level of risk associated with certain investment securities and the level of uncertainty
related to changes in the value of investment securities, it is at least reasonably possible that
changes in risks in the near term would materially affect Participants account balances and the
amounts reported in the Statements of Net Assets Available for Benefits and the Statement of
Changes in Net Assets Available for Benefits.
NOTE 6 AMENDMENT AND TERMINATION OF PLAN
The Plan may be amended at any time by the Company. However, no amendment may adversely affect the
current rights of the Participants in the Plan with respect to contributions made prior to the date
of the amendment.
Although it has not expressed any intent to do so, the Company reserves the right to discontinue
Employer contributions or to terminate the Plan at any time. In the event of a partial or complete
termination of the Plan, all Participants with respect to whom the Plan is being terminated shall
be fully vested in their accounts as of the date of the termination of the Plan. If a Participant
remains an employee of the Company or its affiliates following the termination of the Plan, his
benefits shall remain in the Trust until his severance from service and then shall be paid to him
in accordance with the provisions of the Plan.
The Plan is subject to the provisions of ERISA applicable to defined contribution plans. Since the
Plan provides for an individual account for each Participant and for benefits based solely on the
amount contributed to the Participants account and any income, expenses, gains and losses
attributed thereto, its benefits are not insured by the Pension Benefit Guaranty Corporation
pursuant to Title IV of ERISA.
11
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2006 AND 2005
NOTE
7 INVESTMENTS
The fair values of individual investments that represent 5% or more of the Plans net assets are as
follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2006 |
|
|
2005 |
|
Investments at estimated fair value |
|
|
|
|
|
|
|
|
Money Market Fund |
|
|
|
|
|
|
|
|
Fidelity Retirement Government |
|
|
|
|
|
|
|
|
Money Market Portfolio |
|
$ |
10,534,139 |
|
|
$ |
11,019,773 |
|
|
|
|
|
|
|
|
|
|
Common Trust Fund |
|
|
|
|
|
|
|
|
Fidelity Managed Income Portfolio |
|
|
5,325,135 |
|
|
|
5,499,809 |
|
|
|
|
|
|
|
|
|
|
Investments at fair value, based on quoted prices |
|
|
|
|
|
|
|
|
Common Stock Fund |
|
|
|
|
|
|
|
|
AptarGroup, Inc. Common Stock |
|
|
11,397,212 |
|
|
|
10,284,496 |
|
|
|
|
|
|
|
|
|
|
Mutual Funds |
|
|
|
|
|
|
|
|
Fidelity Magellan Fund |
|
|
22,771,233 |
|
|
|
22,496,927 |
|
|
|
|
|
|
|
|
|
|
Fidelity Growth and Income Portfolio |
|
|
15,119,196 |
|
|
|
14,476,030 |
|
|
|
|
|
|
|
|
|
|
Fidelity Diversified International Fund |
|
|
9,640,198 |
|
|
|
6,284,853 |
|
During 2006, the Plans investments (bought, sold and held during the year) depreciated in value by
$2,370,159. Mutual funds accounted for $3,795,493 of the depreciation and AptarGroup, Inc. common
stock accounted for $1,425,334 of the appreciation, respectively.
12
Schedule H, Line 4i
APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AT DECEMBER 31, 2006
|
|
|
Name of plan sponsor:
|
|
AptarGroup, Inc. |
Employer identification number:
|
|
36-3853103 |
Three-digit plan number:
|
|
002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
|
|
|
|
Issuer |
|
Identity of Issue |
|
of Investment |
|
Cost** |
|
Fair
Value |
Common Stock
|
*
|
|
AptarGroup, Inc.
|
|
Common Stock
|
|
Common Stock
|
|
|
|
$ |
11,397,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds
|
|
|
PIMCO
|
|
Total Return Fund
Administrative Class
|
|
Mutual Fund
|
|
|
|
|
1,205,912 |
|
*
|
|
Fidelity
Investments
|
|
Magellan Fund
|
|
Mutual Fund
|
|
|
|
|
22,771,233 |
|
*
|
|
Fidelity
Investments
|
|
Growth and Income
Portfolio
|
|
Mutual Fund
|
|
|
|
|
15,119,196 |
|
*
|
|
Fidelity
Investments
|
|
Diversified
International Fund
|
|
Mutual Fund
|
|
|
|
|
9,640,198 |
|
*
|
|
Fidelity
Investments
|
|
Asset Manager Fund
|
|
Mutual Fund
|
|
|
|
|
3,116,887 |
|
*
|
|
Fidelity
Investments
|
|
Small Cap
Independence Fund
|
|
Mutual Fund
|
|
|
|
|
3,527,319 |
|
*
|
|
Fidelity
Investments
|
|
Freedom Income Fund
|
|
Mutual Fund
|
|
|
|
|
188,892 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2000 Fund
|
|
Mutual Fund
|
|
|
|
|
450 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2010 Fund
|
|
Mutual Fund
|
|
|
|
|
1,465,106 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2020 Fund
|
|
Mutual Fund
|
|
|
|
|
602,490 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2030 Fund
|
|
Mutual Fund
|
|
|
|
|
218,446 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2040 Fund
|
|
Mutual Fund
|
|
|
|
|
199,549 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2005 Fund
|
|
Mutual Fund
|
|
|
|
|
3,215 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2015 Fund
|
|
Mutual Fund
|
|
|
|
|
447,628 |
|
13
|
|
|
Name of plan sponsor:
|
|
AptarGroup, Inc. |
Employer identification number:
|
|
36-3853103 |
Three-digit plan number:
|
|
002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
|
|
|
|
Issuer |
|
Identity of Issue |
|
of Investment |
|
Cost** |
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Investments
|
|
Freedom 2025 Fund
|
|
Mutual Fund
|
|
|
|
$ |
456,869 |
|
*
|
|
Fidelity
Investments
|
|
Freedom 2035 Fund
|
|
Mutual Fund
|
|
|
|
|
184,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds
|
*
|
|
Fidelity
Management
Trust Company
|
|
Retirement
Government Money
Market Portfolio
|
|
Money
Market Fund
|
|
|
|
|
10,534,139 |
|
*
|
|
Fidelity
Management
Trust Company
|
|
Common
Stock Fund
|
|
Money
Market Fund
|
|
|
|
|
1,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Trust Funds
|
*
|
|
Fidelity
Management
Trust Company
|
|
Managed Income
Portfolio
|
|
Common
Trust Fund
|
|
|
|
|
5,325,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Investments
|
* |
|
Plan participants Participant Loans Range of interest rates 5.00-9.25% |
|
|
2,033,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
88,440,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Party-in-interest |
** |
|
Investments are participant-directed. Cost is not required to be presented. |
14
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, AptarGroup, Inc., as plan
administrator, has duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
|
|
|
|
|
|
|
|
AptarGroup, Inc. Profit Sharing and Savings Plan |
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
AptarGroup, Inc., as Plan Administrator |
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Lawrence Lowrimore
Lawrence Lowrimore
Vice President-Human Resources
|
|
|
June 26, 2007
15
INDEX OF EXHIBITS
|
|
|
|
|
Exhibit |
|
|
Number |
|
Description |
|
|
|
|
|
|
23.1 |
* |
|
Consent of Independent Registered Public Accounting Firm. |
16