EX-99.1 3 d354948dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants and Plan Administrator of Johns Manville Employees 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Johns Manville Employees 401(k) Plan (the “Plan”) as of December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s 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.

Report on Supplemental Schedules

The supplemental schedule of assets (held at end of year) as of December 31, 2021, and schedule of delinquent participant contributions for the year ended December 31, 2021, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile 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 schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Deloitte & Touche LLP

Denver, Colorado

June 24, 2022

We have served as the auditor of the Plan since 2001.

JOHNS MANVILLE EMPLOYEES 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2021 AND 2020     

 

 

    

2021

     

2020

  

ASSETS:

      

Participant-directed investments in Master Trust — Plan’s interest in Master Trust

    $ 769,380,457      $ 689,121,115  
  

 

 

     

 

 

  

Receivables:

      

Notes receivable from participants

      9,726,209        10,047,023  

Employer contributions

      8,607,085        6,732,365  
  

 

 

     

 

 

  

Total receivables

      18,333,294        16,779,388  
  

 

 

     

 

 

  

NET ASSETS AVAILABLE FOR BENEFITS

    $ 787,713,751      $ 705,900,503  
  

 

 

     

 

 

  

See notes to financial statements.

 

- 3 -

JOHNS MANVILLE EMPLOYEES 401(k) PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2021     

 

 

    

2021

  

ADDITIONS:

   

CONTRIBUTIONS:

   

Participant contributions

    $ 24,171,251  

Rollover contributions

      3,544,397  

Employer contributions

      16,996,631  
  

 

 

  

Total contributions

      44,712,279  
  

 

 

  

PLAN’S INTEREST IN MASTER TRUST INVESTMENT INCOME:

   

Dividends and interest

      22,533,486  

Net appreciation in fair value of investments

      88,827,442  
  

 

 

  

Plan’s interest in Master Trust investment income

      111,360,928  
  

 

 

  

INTEREST INCOME ON NOTES RECEIVABLE FROM PARTICIPANTS

      510,418  
  

 

 

  

Total additions

      156,583,625  
  

 

 

  

DEDUCTIONS:

   

Benefits paid to participants

      74,549,476  

Administrative expenses, net of revenue sharing

      243,475  
  

 

 

  

Total deductions

      74,792,951  
  

 

 

  

INCREASE IN NET ASSETS BEFORE PLAN TRANSFERS

      81,790,674  
  

 

 

  

NET TRANSFERS INTO PLAN

      22,574  
  

 

 

  

INCREASE IN NET ASSETS

      81,813,248  
  

 

 

  

NET ASSETS AVAILABLE FOR BENEFITS:

   

Beginning of year

      705,900,503  
  

 

 

  

End of year

    $ 787,713,751  
  

 

 

  

See notes to financial statements.

 

- 4 -

JOHNS MANVILLE EMPLOYEES 401(K) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 AND 2020 AND FOR THE YEAR ENDED DECEMBER 31, 2021

 

 

1.

DESCRIPTION OF THE PLAN

General — The following description of the Johns Manville Employees 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

The Plan is a defined contribution plan sponsored by Johns Manville Corporation and offered through its wholly owned subsidiary, Johns Manville (the “Company”). The Plan provides eligible employees a convenient means for regular and systematic savings with several investment options. The investments of the Plan are maintained in the Johns Manville Master Trust (the “Master Trust”). Fidelity Management Trust Company (“Fidelity” or the “Trustee”), the trustee of the Plan, administers, manages, and reports the Plan’s investment transactions.

Investments — Participants direct the investment of their contributions into the various funds offered by the Plan. The Plan offers mutual funds, target date common collective trust funds and a unitized stock fund through the Master Trust.

Eligibility — Full-time salaried employees, and non-union hourly employees at participating locations are eligible to become Plan participants on the first day of employment or immediately upon reemployment. As of April 1, 2021, if the employee is a part-time employee, such employee becomes eligible to participate in the Plan on the first payroll date after April 1, 2021, or immediately upon hire or rehire.

The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan 91 days following their dates of hire if hired on or before July 31, 2021, or 31 days if hired on or after August 1, 2021, unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 3% of eligible compensation and their contributions are invested in the T. Rowe Price Retirement Date Trusts that align with their projected year of retirement until changed by the participant.

Contributions — Pre-Tax Contributions — Eligible employees may contribute to the Plan through a reduction in salary on a pretax basis from 1% to 75% of eligible compensation.

Contributions — After-Tax Contributions — Employees may elect to contribute 1% to 9% of eligible compensation on an after-tax basis regardless of the percentage of pretax contributions.

Company Contributions — The Company contribution is based on a 50% fixed match on the first 6% of pre-tax employee contributions up to a maximum of 3% of eligible compensation, plus up to 50% variable match on the first 6% of pre-tax employee contributions up to a maximum of 3% of eligible compensation based on the operating performance of the Company and management’s sole discretion. The Company may also, at its sole discretion, contribute an additional variable match of up to 1% of eligible compensation if the participant is contributing between 6% and 7% in pre-tax contributions.

Company contributions of $8,607,085 and $6,732,365 related to the Company’s variable match were accrued for as of December 31, 2021 and 2020, respectively. Voluntary after-tax contributions, catch-up contributions and rollover contributions are not matched by the Company. The Company’s annual contribution made on behalf of any one employee is subject to certain maximums as specified in the Plan and regulated by the Internal Revenue Service (IRS).

Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Contributions are subject to certain Internal Revenue Code (IRC) limitations.

 

- 5 -

Contribution Limitations — Amounts invested by a participant in the Berkshire Hathaway Class B Unitized Stock Fund (Berkshire Fund), an investment option of the Plan that invests in common stock of the parent company of the sponsoring employer, cannot exceed 25% of their contributions or total value of their account.

Participant Accounts — Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and allocations of the Company’s discretionary contributions, participant forfeitures and Plan earnings, and charged with withdrawals and an allocation of Plan losses and 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 participant’s vested account. Participants may change their deferral percentage of authorized payroll deductions at any time in accordance with administrative notice requirements.

Vesting — Participant contributions and earnings thereon vest to the participant immediately. Company contributions and the earnings thereon vest 100% to the participant after three years of service.

Withdrawals — Active employees may take a distribution of their vested Company matching contributions according to the provisions of the Plan. Company matching contributions must have been in the Plan for at least 24 months or the member must have a minimum five years participation to qualify for an in-service distribution. All other vested amounts (except those relating to participant pre-tax and conversion contributions and earnings thereon) may be withdrawn by the participant at any time subject to the maximum number of withdrawals available. For eligible contributions made to the Plan prior to July 1, 2010, participants can take up to four in-service withdrawals from their vested account balance in any plan year. For eligible contributions made to the Plan on and after July 1, 2010, participants can take one in-service withdrawal from their vested account balance during the calendar year. Employee pre-tax contributions and earnings thereon may not be withdrawn until the participant attains age 59-1/2, leaves the Company, or furnishes satisfactory proof of financial hardship. Rollover contributions are available for immediate withdrawal. Conversion contributions are not eligible for withdrawal. The minimum amount per non-hardship in-service withdrawal is $200. The Plan allows for payments from the Berkshire Fund to be distributed in shares of common stock, in accordance with the participant’s election.

If a participant’s employment is terminated for reasons other than death, disability, or retirement, the participant forfeits any unvested Company contributions and applicable earnings. Participants with vested balances (excluding rollover contributions) greater than $5,000 can elect to defer distribution of their account until the minimum required distribution rules apply. All other participants cannot defer and are subject to a lump sum payout or rollover to Fidelity Individual Retirement account. If the participant dies before receiving a full distribution of their account, the vested portion must be distributed to the designated beneficiary no later than certain deadlines established by law.

Notes Receivable from Participants — Participants may borrow from their accounts a minimum of $1,000 up to a maximum of the lesser of one-half of the vested account balance or $50,000. The loans are secured by an assignment of a participant’s vested interest in the Plan, and bear interest at Reuter’s prime rate plus 1% as of the last business day of the month preceding the month in which the loan is processed. Principal and interest are paid ratably through payroll deductions or as a lump sum for the outstanding loan balance. Loan terms range from 1 to 5 years; however, terms may exceed 5 years for the purchase of a primary residence. As of December 31, 2021, participant loans have maturities through 2046 at interest rates ranging from 4.25% to 10.50%.

Forfeited Accounts — Forfeitures serve to reduce future contributions from the Company. As of December 31, 2021 and 2020, the forfeitures account balances were $136,972 and $176,691, respectively. During 2021, employer contributions were reduced by approximately $759,000 from forfeited nonvested accounts. If a participant is not rehired by the Company and does not make a withdrawal, the nonvested accounts will be forfeited after five years, or upon a total distribution if earlier. A participant who takes a total distribution and is subsequently rehired by the Company within five years has the option of repaying to the Plan, within five years of the reemployment date, cash in one lump-sum equal to the full amount received from the Plan at termination. If such repayment is made, the Company will restore to the participant’s account, the amounts previously forfeited.

 

- 6 -

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Use of Estimates — The preparation of the financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the amounts reported in these financial statements, including disclosures of contingent liabilities. Actual results may differ from those estimates and assumptions.

Risks and Uncertainties — The Plan provides various investment options to participants. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the value of the participants’ account balances and the amounts reported in the financial statements.

Investment Valuation of Master Trust Fund and Income Recognition — Investments are stated at fair value. Fair value of a financial instrument is the amount 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. The Plan’s interest in the Master Trust is presented at fair value, which has been determined based on the fair value of the underlying investments of the Master Trust. The Master Trust invests in mutual funds, collective trust funds, and the Berkshire Fund. See Note 8 for a description of the fair value methodology by investment type.

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 (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Notes Receivable from Participants — Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.

Administrative Expenses — In general, as provided in the Plan document, all expenses incurred in connection with administering the Plan, including but not limited to legal, accounting, and consulting fees, will be paid by the Plan, at the discretion of the Benefits Committee, except to the extent such expenses are paid by the Company.

The Plan is permitted to require Participants to pay certain fees in connection with the operation of the Plan from individual Participant accounts. As a result, each Participant’s account is charged an annual fee to help cover the cost of Plan administration. The annual fees were $52 in 2021. The Plan also has a revenue-sharing agreement whereby certain investment managers return a portion of the investment fees to participants who hold investments in the funds generating the credits. For the year ended December 31, 2021 revenue credits of $53,718 were applied to individual participant accounts that invested in the funds generating the revenue credits. The Plan held undistributed revenue credits of $152,834 and $156,039, as of December 31, 2021 and 2020, respectively.

Payments of Benefits — Benefit payments to participants are recorded upon distribution. There were no participants, who have elected to withdraw from the Plan, but have not yet been paid as of December 31, 2021 and 2020.

Transfers — Along with the Plan, the Company sponsors the Johns Manville Hourly Employees 401(k) Plan (the “Hourly Employees Plan”) for hourly employees. If employees change their union status during the year, they may elect to transfer their account balance into the corresponding plan. For the year ended December 31, 2021, plan transfers reported in the statement of changes in net assets available for benefit received from the Hourly Employees Plan were $22,574.

 

- 7 -

3.

INTEREST IN MASTER TRUST

Certain of the Plan’s investment assets are held in a trust account at the Trustee and consist of an undivided interest in an investment account of the Johns Manville Corporation DC Master Trust (the “Master Trust”), a master trust established by the Company and administered by the Trustee. Use of the Master Trust permits the commingling of trust assets with the assets of the Hourly Employees Plan for investment and administrative purposes. Although assets of both plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the participating plans. The net investment income and administrative expenses are allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans.

 

- 8 -

The assets of the Master Trust as of December 31, 2021 and 2020 are summarized as follows:

 

     2021      2020  
Investments:    Master Trust
Balances		      Plan’s
Interest in
Master
Trust
Balances		      Master Trust
Balances		      Plan’s
Interest
in Master
Trust
Balances		  

Mutual funds

    $ 458,371,687      $ 385,577,988      $ 430,019,609      $ 361,514,226  

Collective trust funds

      466,897,522        352,946,736        399,486,882        303,581,739  

Berkshire fund

      33,890,111        30,855,733        26,838,251        24,025,150  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments at fair value

      959,159,320        769,380,457        856,344,742        689,121,115  

Notes receivable from participants

      18,918,058        9,726,209        18,757,141        10,047,023  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total net assets

    $ 978,077,378      $ 779,106,666      $ 875,101,883      $ 699,168,138  
  

 

 

     

 

 

     

 

 

     

 

 

  
Plan’s interest in the Master Trust as a percentage of the total         79.66%           79.90%  
     

 

 

        

 

 

  

Activity of the Master Trust for the year ended December 31, 2021 is summarized as follows:

 

    

2021

  
ADDITIONS:   

Contributions

    $ 60,830,433  

Dividends and interest — mutual funds

      26,803,912  

Net appreciation in fair value of investments

      111,922,424  

Interest income on notes receivable from participants

      965,229  
  

 

 

  

Total additions

      200,521,998  

DEDUCTIONS:

   

Benefits paid to participants

      97,105,328  

Administrative expenses, net of revenue sharing

      441,175  
  

 

 

  

Total deductions

      97,546,503  

INCREASE IN NET ASSETS

      102,975,495  
  

 

 

  

TOTAL NET ASSETS AT THE BEGINNING OF THE YEAR

      875,101,883  
  

 

 

  

TOTAL NET ASSETS AT THE END OF THE YEAR

    $ 978,077,378  
  

 

 

  

 

- 9 -

4.

FEDERAL INCOME TAX STATUS

The IRS has determined and informed the Company by a letter dated January 26, 2018 that the Plan and related trust were designed in accordance with the applicable regulations of the IRC. The Plan has been amended since receiving the letter. However, the Plan Sponsor believes the Plan has maintained its tax-exempt status. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

 

5.

PLAN TERMINATION

Although it has not expressed any intention 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 set forth in ERISA. In the event that the Plan is terminated by the Company, participant accounts would become fully vested. The assets of the Plan would be distributed to the participants based on their account balances. In addition, any previously forfeited amounts that had not been applied to reduce Company contributions would be credited ratably to the accounts of the participants remaining in the Plan at the time of such termination.

 

6.

RELATED-PARTY TRANSACTIONS AND EXEMPT PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments are shares of mutual funds, a money market fund, and a common collective trust fund managed by Fidelity. Fidelity is the trustee and recordkeeper as defined by the Plan and, therefore, these transactions qualify as exempt party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund within the Master Trust. The Plan also issues loans to participants, which are secured by the vested balances in the participants’ accounts.

As of December 31, 2021, and 2020, the Master Trust held 585,527 units and 591,881 units, respectively, of the Berkshire Fund with a cost basis of $16,957,770 and $15,436,583, respectively. The Berkshire Fund holds 108,846 and 111,206 shares of Berkshire Hathaway Class B common stock, related parent company of the sponsoring employer, with a cost basis of $11,886,283 and $11,359,092 as of December 31, 2021 and 2020, respectively. The Plan owns approximately 90% of the Berkshire Fund.

 

7.

NONEXEMPT PARTY-IN-INTEREST TRANSACTION

The Company remitted certain 2021 participant contributions of $4,683 to the Trustee later than required by Department of Labor (DOL) Regulation 2510.3-102. The excise tax on the transactions for the Plan year 2021 was de minimis and the Company is not required to file Form 5330 with the IRS. In addition, participant accounts were credited with the amount of investment income that would have been earned had the participant contributions been remitted on a timely basis.

 

8.

FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value, and requires additional disclosures about fair value measurements. In accordance with ASC 820, the Master Trust classifies its investments into Level 1, which refers to securities valued using quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Asset Valuation Techniques - Maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value.

 

- 10 -

Berkshire Fund - A separately managed account that is a unitized stock fund that operates similarly to a mutual fund, in that it is composed of stock, and a small percentage of cash or another short-term interest-bearing vehicle. The inclusion of cash provides liquid assets to allow for the daily processing of transfers, loans, and withdrawals. The value of a unit in a unitized stock fund is based on the Net Asset Value (NAV), which is the value of the underlying common stock and the cash piece held by the fund, divided by the number of units outstanding. Therefore, the NAV of the fund (the “unit price”) will, as a rule, be different from the closing price of the underlying stock on the applicable exchange. The individual assets of a stock fund are considered separately as individual investments for accounting, auditing, and financial statement reporting purposes.

Collective trust funds – Valued at the NAV of units of a collective trust. The NAV as provided by the trustee is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the Master Trust in order to ensure that securities liquidation will be carried out in an orderly business manner.

Mutual funds – Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

The following tables set forth by level within the fair value hierarchy a summary of the Master Trust’s investments measured at fair value on a recurring basis as of December 31, 2021 and 2020.

 

       Fair Value Measurements as of December 31, 2021, Using  
      

Active Markets
for Identical
Assets

(Level 1)

       

Other
Observable
Inputs

(Level 2)

       

Significant
Unobservable
Inputs

(Level 3)

       

2021 Total

  

Berkshire Fund:

                    

Common stock

        $ 32,544,954          $    -              $    -            $ 32,544,954  

Money market fund

        1,345,157          -              -              1,345,157  
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Berkshire Fund

        33,890,111          -              -              33,890,111  

Mutual funds

        458,371,687          -              -              458,371,687  
    

 

 

       

 

 

       

 

 

       

 

 

  

Total

        $492,261,798          $    -              $    -            $ 492,261,798  
    

 

 

       

 

 

       

 

 

       

 

 

  

Investments measured at NAV:

 

               

Collective trust funds

 

                  466,897,522  
              

 

 

  

Total investments

                     $ 959,159,320  
                   

 

 

  

 

- 11 -

       Fair Value Measurements as of December 31, 2020, Using  
      

Active Markets
for Identical
Assets

(Level 1)

       

Other
Observable
Inputs

(Level 2)

       

Significant
Unobservable
Inputs

(Level 3)

       

2020 Total

  

Berkshire Fund:

                    

Common stock

        $ 25,785,335          $    -              $    -            $ 25,785,335  

Money market fund

        1,052,916          -              -              1,052,916  
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Berkshire Fund

        26,838,251          -              -              26,838,251  

Mutual funds

        430,019,609          -              -              430,019,609  
    

 

 

       

 

 

       

 

 

       

 

 

  

Total

        $456,857,860          $    -              $    -            $ 456,857,860  
    

 

 

       

 

 

       

 

 

       

 

 

  

Investments measured at NAV:

 

               

Collective trust funds

 

                  399,486,882  
              

 

 

  

Total investments

                     $ 856,344,742  
                   

 

 

  

The valuation methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, although 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.

The following table for December 31, 2021 and 2020, sets forth a summary of the Master Trust investments with a reported NAV.

 

       Fair Value       

Redemption

    Frequency  

     

Redemption
  Notice Period  

  

2021

         

Collective Trust Funds

      $466,897,522        Immediate        None  

2020

         

Collective Trust Funds

      $399,486,882        Immediate        None  

There are no unfunded commitments, in addition, there are no other redemption restrictions related to the Master Trust’s holding of the various Collective Trust Funds.

 

9.

SUBSEQUENT EVENTS

In 2021, the Company approved the merger of the Hourly Employees Plan into the Plan. The merger is expected to occur on or about December 31, 2022, and will not impact the investments, contributions, or participants accounts or benefits of either plan.

******

 

- 12 -

SUPPLEMENTAL SCHEDULES

 

 

 

- 13 -

JOHNS MANVILLE EMPLOYEES 401(k) PLAN

EIN 84-0856796

Plan Number: 005

FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2021     

 

 

(a)  Identity of Issuer, Borrower,
       Lessor, or Similar Party        		    (b)  Description of Investment,
       Including Maturity Date,
       Rate of Interest, Collateral,
       Par, or Maturity Value        		    (c)  Cost    (d)  Current
       Value		  

       * Various plan participants

   

       Note receivable from participant

       (maturing through 2046 at

       interest rate of 4.25%-10.50%)

    **    $ 9,726,209  
        

 

 

  

 

*

Exempt party-in-interest (Note 6).

**

Cost information is not required for participant-directed investments and, therefore, is not included.

See accompanying Independent Auditor’s Report.

 

- 14 -

JOHNS MANVILLE EMPLOYEES 401(k) PLAN

EIN 84-0856796

Plan Number: 005

FORM 5500, SCHEDULE H, PART IV, QUESTION 4a — SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS FOR THE YEAR ENDED DECEMBER 31, 2021     

 

 

     Total that Constitute Nonexempt
Prohibited Transactions		         

Participant Contributions

Transferred Late to the Plan

    Contributions
Not
Corrected		      Contributions
Corrected
Outside VFCP		      Contributions
Corrected
thru VFCP		      Total Fully
Corrected
Under VFCP
and PTE
2002-51		  
Check here if late participant loan contributions are included.            
Certain participant contributions for employees were not timely funded as prescribed by D.O.L. Regulation 2510.3-102. The various 2021 participant contributions were deposited on various dates in 2021.    $ -          $ 4,683      $ -          $ -      
  

 

 

     

 

 

     

 

 

     

 

 

  

See accompanying Independent Auditor’s Report.

 

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