(Full title
of the plan and the address of the plan, if different from that of the issuer named below)
(Name
of issuer of the securities held pursuant to the plan and the address of its principal executive office)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Fiduciary Committee of
The Nebraska Furniture Mart, Inc. Profit Sharing
Plan
Opinion on the Financial Statements
We have
audited the accompanying statements of net assets available for benefits of The Nebraska Furniture Mart, Inc. Profit Sharing Plan (the Plan) as of December 31, 2018 and 2017, and the related statements of changes in net assets
available for benefits for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available
for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the
responsibility of the Plans management. Our responsibility is to express an opinion on the Plans financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included
performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying schedule of Form 5500, Schedule H, Line 4i Schedule of Assets (Held at End of Year) as of
December 31, 2018, has been subjected to audit procedures performed in conjunction with the audit of the Plans financial statements. The supplemental information is the responsibility of the Plans management. Our audit procedures
included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information
presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labors
Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a
whole.
/s/ Whitley Penn LLP
We have served as the
Plans auditor since 2015.
Fort Worth, Texas
June 10, 2019
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
Statements of Net Assets Available for Benefits
As of December 31, 2018 and 2017
Notes to Financial Statements
December 31, 2018
and 2017
The following description of The Nebraska Furniture Mart, Inc. Profit Sharing 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 is a defined contribution profit-sharing plan covering all employees, as defined in the Plan document, as of
the start date of the employee. The employees covered under the Plan include those employed by Nebraska Furniture Mart, Inc., Floors, Inc., Nebraska Furniture Mart of Kansas, Inc., and TXFM, Inc. (collectively the Company or Employer). The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Effective July 10, 2017, employees are auto-enrolled, upon hire, at a 4%
pre-tax
deferral. Prior to July 10, 2017 date employees were auto-enrolled at a 3%
pre-tax
deferral. Each year, participants may contribute up to 50% of their
eligible compensation, as defined by the Plan document. Contributions are subject to certain dollar limitations, as imposed by the Internal Revenue Code (IRC). Participants also may rollover amounts representing distributions from other qualified
plans. Participants who have attained age 50 before the end of the Plan year are eligible to make
catch-up
contributions. Participants direct the investment of employee and Employer contributions into various
investment options offered by the Plan.
Once an employee has completed one year of service with 1,000 or more
hours of work during the year, they are eligible for discretionary matching contributions (Matching Contributions) starting the first of the following month. In addition, the Company may make additional profit sharing contributions (Profit Sharing
Contributions), subject to limitations established by the IRC. No additional Profit Sharing Contributions were made for the years ended December 31, 2018 or 2017.
Each participants account is credited with the participants contribution and allocations of (a) the
Companys contributions and (b) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the
benefit that can be provided from the participants vested account.
Participants are fully vested in their contributions plus any income or loss thereon. Matching and Profit Sharing
Contributions become fully vested according to the following schedule:
|
|
|
Periods of Service
|
|
Vested Percentage
|
Less than two
|
|
0%
|
Two
|
|
20%
|
Three
|
|
40%
|
Four
|
|
60%
|
Five
|
|
80%
|
Six
|
|
100%
|
In the event of disability, death, or normal retirement age, the participant will become fully vested.
5
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
Notes to Financial Statements
December 31, 2018 and 2017
|
(1)
|
Description of Plan continued
|
|
E.
|
Notes Receivable from Participants
|
Participants may borrow from their accounts a minimum of $1,000 up to a maximum of 50% of their vested account
balance relating to participants contributions and rollovers under the Plan, or a maximum of $50,000. The notes are secured by the participants account balance in the participants account and bear interest rates, which are equal to
the Prime Rate plus 1%. Principal and interest are paid ratably through biweekly payroll deductions over a period not to exceed five years. Effective September 1, 2016, the Plan only allows general purpose loans that do not exceed a five-year
term. As of December 31, 2018 and 2017, interest rates ranged from 4.25% to 9.25%. As of December 31, 2018, and 2017, notes receivable from participants mature between January 2019 and August 2026, and January 2018 and August 2026,
respectively.
If the participants vested account balance exceeds $1,000 and he or she is terminated due to death, disability
or retirement, a participant may elect to receive either a lump sum amount equal to the value of the participants vested interest in his or her account or monthly or other periodical installments by Vanguard Fiduciary Trust Company (the
Trustee) in approximate equal amounts over the life expectancy of the participant or of the participant and his or her designated beneficiary. For termination of service due to other reasons, a participant may receive the value of the
vested interest in his or her account as a
lump-sum
distribution. If the participants account balance is less than $1,000, the Plan can automatically cash out the account at the participants
termination in the form of a
lump-sum
distribution.
Certain
in-service
withdrawals are allowed. A participant may also elect to withdrawal all or a portion of their vested account balance while employed after reaching age 59
1
⁄
2
. A participant may receive a hardship distribution from
pre-tax
and Roth deferrals if the distribution is: (1) on account of unreimbursed medical expenses incurred by
the participant, their spouse, or dependents; (2) to purchase (excluding mortgage payments) a principal residence of the participant; (3) for the payment of post-secondary tuition expenses; (4) payments to prevent eviction from
principal residence; (5) funeral expenses for the participants parent, spouse, children or dependents; or, (6) related to expenses for the repair of damage to the participants principal residence caused by fire, storm, or other
casualty.
Participants leaving employment with the Company before becoming fully vested forfeit their
non-vested
interest in the Matching Contributions and Profit Sharing Contributions. These forfeitures are used to pay expenses and to reduce the Companys current or future contributions under the Plan. At
December 31, 2018 and 2017, forfeited
non-vested
accounts totaled approximately $321,000, and $316,000, respectively. During the years ended December 31, 2018 and 2017, the Company used approximately
$256,000 and $263,000, of forfeitures to pay Plan expenses, respectively.
Each participant is entitled to exercise voting rights attributable to the shares of Berkshires Class B
common stock fund allocated to the participants account.
6
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
Notes to Financial Statements
December 31, 2018 and 2017
|
(2)
|
Summary of Significant Accounting Policies
|
The following accounting policies, which conform with accounting principles generally accepted in the United States of
America (U.S. GAAP) and with the requirements of ERISA, have been used consistently in the preparation of the Plans financial statements.
The accompanying financial statements have been prepared on the accrual basis of accounting.
The preparation of financial statements requires management to make estimates and assumptions that affect the reported
amounts of net assets available for benefits and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
|
C.
|
Investment Valuation and Income Recognition
|
The Plans investments presented in the accompanying Statements of Net Assets Available for Benefits as of
December 31, 2018 and 2017 are stated at fair value as reported by the Trustee. 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.
Investments in the common/collective trusts are valued at net asset value based upon the fair
values of the underlying net assets of the trusts, as determined by the issuer. Vanguard Retirement Savings Trust III (VRSTIII) invests in fully benefit-responsive investment contracts, including traditional contracts, wrapper contracts
re-bid
to determine the replacement cost and underlying bond instruments valued by the Trustee. The net asset value is used as a practical expedient to estimate fair value. The practical expedient would not be used
if it is determined to be probable that the fund will sell the investment for amount different from the reported net asset value.
See Note 3 for additional information about fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the
ex-dividend
date. Net appreciation includes the Plans gains and losses on investments bought and sold as well as held during the year.
Contributions from the Company and participants are accrued as they become obligations of the Company, as determined
by the Plans administrator, and in the period in which they are deducted, in accordance with salary deferral agreements.
Benefits are recorded when paid.
|
F.
|
Administrative Expenses
|
Administrative fees and expenses of the Plan may be paid out of the Plan assets unless paid by the Company. Certain
administrative fees are paid by the Company and are not reflected in the accompanying financial statements.
|
G.
|
Notes Receivable from Participants
|
Notes receivable from participants are measured at their unpaid principal balance. Delinquent notes receivable from
participants are recorded as a distribution based upon the terms of the Plan document.
7
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
Notes to Financial Statements
December 31, 2018 and 2017
|
(3)
|
Fair Value Measurements
|
Various inputs are used to determine the fair value of the Plans investments. These inputs are summarized in
three broad levels described below:
|
|
|
|
|
Level 1
|
|
|
|
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the
Plan has the ability to access.
|
|
|
|
Level 2
|
|
|
|
Inputs to the valuation methodology include:
|
|
|
|
Quoted prices for similar assets or liabilities in active markets;
|
|
|
|
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
|
|
|
Inputs other than quoted prices that are observable for the asset or liability;
|
|
|
|
Inputs that are derived principally from or corroborated by observable market data by correlation or other
means.
|
|
If the asset or liability has a specified (contractual) term, the Level 2 input must be
observable for substantially the full term of the asset or liability.
|
|
|
|
|
Level 3
|
|
|
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
The assets or liabilitys fair value measurement level within the fair
value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for investments measured at fair value. There have been
no changes in the methodologies used at December 31, 2018 or 2017.
Mutual Funds:
Valued at fair value
as determined by quoted market prices, which represents the net asset value of shares held by the Plan at year end and classified within Level 1 of the valuation hierarchy..
Money Market Fund:
Money market funds are valued based on the short-term cash component as of the measurement
date and classified within Level 2 of the valuation hierarchy as they are not publicly traded.
Berkshire
Hathaway Class
B Common Stock Fund:
The Berkshire Hathaway Class B Common Stock Fund is valued using a quoted active market price which is considered a Level 1 input.
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 the fair value of certain
financial instruments could result in a different fair value measurement at the reporting date.
8
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
Notes to Financial Statements
December 31, 2018 and 2017
|
(3)
|
Fair Value Measurements - continued
|
The following table sets forth by level, within the fair value
hierarchy, the Plans investments at fair value as of December 31, 2018 and 2017. The Plan has no investments classified within Level 3 of the valuation hierarchy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
|
|
|
Total
|
|
Money market fund
|
|
|
$ -
|
|
|
|
$ 321,318
|
|
|
|
$ -
|
|
|
|
|
|
|
|
$ 321,318
|
|
Berkshire Hathaway Class
B Common Stock Fund
|
|
|
2,041,237
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
2,041,237
|
|
Mutual funds
|
|
|
188,520,813
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
188,520,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in the fair
value hierarchy
|
|
|
$190,562,050
|
|
|
|
$ 321,318
|
|
|
|
$ -
|
|
|
|
|
|
|
|
$190,883,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VRSTIII measured at net
asset value (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,925,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments at fair
value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$197,808,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
|
|
|
Total
|
|
Money market fund
|
|
|
$ -
|
|
|
|
$ 316,379
|
|
|
|
$ -
|
|
|
|
|
|
|
|
$ 316,379
|
|
Berkshire Hathaway Class
B Common Stock Fund
|
|
|
1,720,836
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
1,720,836
|
|
Mutual funds
|
|
|
194,541,227
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
194,541,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in the fair
value hierarchy
|
|
|
$196,262,063
|
|
|
|
$ 316,379
|
|
|
|
$ -
|
|
|
|
|
|
|
|
$196,578,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VRSTIII measured at net
asset value (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,711,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments at fair
value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$202,290,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) In accordance with ASU
2015-07,
investments in VRSTIII that are measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value
hierarchy to the line items presented as Investments at Fair Value in the Statements of Net Assets Available for Benefits.
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their entire account.
9
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
Notes to Financial Statements
December 31, 2018 and 2017
The Plan has adopted a prototype plan. The prototype plan has received an opinion letter from the Internal Revenue
Service (IRS) dated May 28, 2014 as to the prototype plans qualified status. The prototype plan opinion letter has been relied upon by this Plan. The plan administrator believes the Plan is designed and is being operated in compliance
with the applicable provisions of the IRC.
U.S. GAAP requires management to evaluate tax positions taken by the
Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has
concluded that as of December 31, 2018, there are no uncertain 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; however, there are currently no audits for any tax periods in progress.
|
(6)
|
Risks and Uncertainties
|
The Plan invests in various marketable securities. Marketable securities are exposed to various risks, such as
interest rate, market and credit. Due to the level of risk associated with certain marketable securities and the level of uncertainty related to changes in the value of marketable securities, it is at least reasonably possible that changes in values
of marketable securities 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.
|
(7)
|
Related Parties and
Party-in-Interest
Transactions
|
The Plan invests in shares of mutual funds and a common collective trust managed by an affiliate of the Trustee and,
therefore, transactions in such investments, as well as loans made to participants, qualify as
party-in-interest
transactions, which are exempt from the prohibited
transaction rules. Additionally, the Plan has a number of service providers, which qualify as
parties-in-interest.
Fees paid by the Plan to
parties-in-interest
amounted to approximately $517,000 and $545,000 for the years ended December 31, 2018 and 2017, respectively.
The Plan also invests in the Class B common stock fund of Berkshire Hathaway. The Plan had purchases of
approximately $479,000 and $536,000 of Berkshire Class B Common Stock Fund during the years ended December 31, 2018 and 2017, respectively. The Plan had approximately $208,000 and $153,000 of sales of the Berkshire Class B Common
Stock Fund during the years ended December 31, 2018 and 2017, respectively.
10
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
Notes to Financial Statements
December 31, 2018 and 2017
|
(8)
|
Reconciliation of Financial Statements to Form 5500
|
The following is a reconciliation of net assets available for benefits per the financial statements at
December 31, 2018 and 2017, to Form 5500:
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
Net assets available for benefits per the financial
statements
|
|
|
$ 201,075,487
|
|
|
|
$ 204,637,218
|
|
|
|
|
Delinquent loans reported as distributions for tax
purposes and as Plan assets for
financial
reporting purposes
|
|
|
(1,592)
|
|
|
|
(560)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits per the Form
5500
|
|
|
$ 201,073,895
|
|
|
|
$ 204,636,658
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of the net increase (decrease) in net assets
available for benefits per the financial statements for the years ended December 31, 2018 and 2017, to net increase per Form 5500:
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
Net increase (decrease) in net assets available
for benefits per the financial statements
|
|
|
$ (3,561,731)
|
|
|
|
$ 39,490,556
|
|
|
|
|
Change in delinquent loans reported as
distributions for tax purposes and as Plan
assets for
financial reporting purposes
|
|
|
(1,032)
|
|
|
|
2,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets available
for benefits per the Form 5500
|
|
|
$ (3,562,763)
|
|
|
|
$ 39,493,118
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
The Nebraska Furniture Mart, Inc. Profit Sharing Plan
|
|
|
|
|
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
|
|
EIN# 47-0428274
|
December 31, 2018
|
|
Plan# 002
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
Identity of Issue,
Borrower, Lessor
or
Similar Party
|
|
(c)
Description of Investment,
including
Maturity Date, Rate of Interest,
Collateral, Par, or Maturity Value
|
|
(e)
Current Value
|
|
|
|
*
|
|
Vanguard
|
|
Vanguard PRIMECAP Investor
|
|
|
$ 41,310,836
|
|
*
|
|
Vanguard
|
|
Vanguard 500 Index Investor
|
|
|
31,299,092
|
|
*
|
|
Vanguard
|
|
Vanguard Wellington Inv
|
|
|
17,223,872
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2045 Inv
|
|
|
15,110,507
|
|
*
|
|
Vanguard
|
|
Vanguard Total Bond Market Index Inv
|
|
|
11,334,216
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2025 Inv
|
|
|
11,145,398
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2035 Inv
|
|
|
9,131,046
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2050 Inv
|
|
|
8,692,557
|
|
*
|
|
Vanguard
|
|
Vanguard Total Intl Stock Index Inv
|
|
|
7,823,853
|
|
*
|
|
Vanguard
|
|
Vanguard Retirement Savings Trust III
|
|
|
6,925,090
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2030 Inv
|
|
|
5,569,736
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2055 Inv
|
|
|
4,520,660
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2040 Inv
|
|
|
4,332,573
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2015 Inv
|
|
|
4,126,441
|
|
*
|
|
Vanguard
|
|
Vanguard
Mid-Cap
Index Fund Admiral Shares
|
|
|
3,860,933
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2020 Inv
|
|
|
3,769,443
|
|
*
|
|
Vanguard
|
|
Vanguard Windsor Fund
|
|
|
2,531,722
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2060 Inv
|
|
|
2,408,348
|
|
*
|
|
Vanguard
|
|
Vanguard Explorer Inv
|
|
|
2,345,752
|
|
*
|
|
Berkshire Hathaway Inc.
|
|
Berkshire Hathaway Class B Common Stock Fund
|
|
|
2,041,237
|
|
*
|
|
Vanguard
|
|
Vanguard Retirement Income Inv
|
|
|
940,748
|
|
*
|
|
Vanguard
|
|
Vanguard
Small-Cap
Value Index Fund Admiral
|
|
|
387,011
|
|
|
|
MassMutual
|
|
MassMutual Select Mid Cap Growth Equity Fund II; Class I
|
|
|
365,058
|
|
*
|
|
Vanguard
|
|
Vanguard Federal Money Market Fund
|
|
|
321,318
|
|
*
|
|
Vanguard
|
|
Vanguard Strategic
Small-Cap
Equity Fund
|
|
|
179,774
|
|
*
|
|
Vanguard
|
|
Vanguard Target Retirement 2065 Inv
|
|
|
88,026
|
|
|
|
Wells Fargo
|
|
Wells Fargo Advantage Special Mid Cap Value Fund; Class R6
|
|
|
23,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
197,808,458
|
|
|
|
|
|
*
|
|
Participants
|
|
Participant loans: Interest rates of 4.25%
to 9.25% maturing
January 2019 through August 2026
|
|
|
3,265,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 201,073,895
|
|
|
|
|
|
|
|
|
|
|
*
|
Represents a
party-in-interest
|
|
Column (d) Cost omitted for participant-directed investments
|
12