UNITED STATES
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, 2002
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ___________ to ___________
Commission file number 1-12372
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Cytec Employees' Savings and Profit Sharing Plan.
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Cytec Industries Inc.
Five Garret Mountain Plaza
West Paterson, New Jersey 07424
This Annual Report, including exhibits, contains 19 pages, numbered
sequentially, including this cover page. The exhibit index is on page 18.
Item 4. REQUIRED INFORMATION
Financial Statements and Exhibits:
Page
Report of Independent Certified Public Accountants 3
Financial Statements:
Statements of Net Assets Available for Benefits
as of December 31, 2002 and 2001 4
Statements of Changes in Net Assets Available for Benefits
for the years ended December 31, 2002 and 2001 5
Notes to Financial Statements 6
Supplemental Schedules:
Schedule H, Line 4 (i) -Schedule of Assets Held for Investment
Purposes as of December 31, 2002 15
Schedule H, Line 4 (j) -Schedule of 5% Reportable Transactions
for the year ended December 31, 2002 16
2
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Plan Administrator
CYTEC EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
We have audited the accompanying statements of net assets available for benefits
of the Cytec Employees' Savings and Profit Sharing Plan as of December 31, 2002
and 2001 and the related statements of changes in net assets available for
benefits for the years then ended. 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 auditing standards generally accepted
in the United States of America. 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 Cytec
Employees' Savings and Profit Sharing Plan as of December 31, 2002 and 2001, 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.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedules of assets held for
investment purposes as of December 31, 2002 and 5% reportable transactions for
the year ended December 31, 2002 are presented for the purpose of additional
analysis and are not required parts of the basic financial statements but are
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. These supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Grant Thornton LLP
Edison, New Jersey
May 30, 2003
3
CYTEC EMPLOYEES' SAVING AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
As of
December 31,
------------
2002 2001
---- ----
Marketable Investments, at Fair Value $293,011,555 $312,643,060
Loans to Members 4,573,196 4,731,820
Receivables:
Members' Contributions 1,133,412 1,070,746
Company Contributions 5,413,998 430,366
------------ ------------
Total Receivables 6,547,410 1,501,112
------------ ------------
Total Net Assets Available for Benefits $304,132,161 $318,875,992
============ ============
The accompanying Notes are an integral part of these statements.
4
CYTEC EMPLOYEES' SAVING AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
Years Ended December 31,
------------------------
2002 2001
---- ----
Contributions:
Members $ 14,712,598 $ 14,851,298
Company 10,696,101 5,715,671
------------ ------------
Total Contributions 25,408,699 20,566,969
------------ ------------
Other Receipts:
Rollover Contributions from Members 715,019 324,394
Miscellaneous 8,027 9,407
------------ ------------
723,046 333,801
------------ ------------
Interest on Loans to Members 363,788 403,954
Earnings:
Interest and Dividends 7,844,722 8,002,897
Net Depreciation in Fair
Value of Investments (24,944,737) (54,891,193)
------------ ------------
Total Loss on Investments (17,100,015) (46,888,296)
------------ ------------
Less: Benefits Principally Paid to Members 24,139,349 32,697,659
------------ ------------
Decrease in Net Assets Available
for Benefits (14,743,831) (58,281,231)
Net Assets Available for Benefits
at Beginning of Year 318,875,992 377,157,223
------------ ------------
Net Assets Available for Benefits
at End of Year $304,132,161 $318,875,992
============ ============
The accompanying Notes are an integral part of these statements.
5
CYTEC EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2002 and 2001
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
------------------------------------------
(a) BASIS OF PRESENTATION AND ACCOUNTING ESTIMATES
----------------------------------------------
The accompanying financial statements have been prepared on the accrual
basis in conformity with accounting principles generally accepted in the
United States of America ("GAAP") as applied to defined contribution plans
and in accordance with the terms of the trust agreement. GAAP requires
management to make significant estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent
assets and liabilities at the date of the financial statements and the
reported amounts of additions and deductions during the reporting periods.
These significant estimates include the market values of investments.
Actual results could materially differ from those estimates.
(b) MARKETABLE INVESTMENTS
----------------------
Direct investments by the Cytec Employees' Savings and Profit Sharing Plan
Trust ("the Trust") in securities traded on national securities exchanges
(solely Cytec Industries Inc. common stock) are valued at the year-end
quoted closing market price. The values of other marketable investments and
of investments in the Trustee's commingled trust funds are determined by
the Trustee based upon estimated market values of the underlying
investments held by the "Vanguard" funds.
The Interest Income Fund is valued at its fair value. The underlying
investment contracts provide for both fixed and variable interest rates and
return of principal over various periods of time dependent on contract
terms. Interest is earned through the date of the final principal payment.
The Plan accounts for underlying investments in the interest income fund
under Statement of Financial Accounting Standards ("SFAS") No. 133,
"Accounting for Derivative Instruments and Hedging Activities" ("SFAS
133"). SFAS 133 requires all derivative instruments, including guaranteed
investment contracts ("GIC's") to be recorded in the Statement of Net
Assets Available for Benefits at fair value. Changes in the fair value of
derivative instruments are recognized periodically in income. The Plan does
not hold or issue derivative financial instruments for trading purposes.
Securities transactions are recorded on the trade date and dividend income
is recorded on the ex-dividend date. Interest income is recognized when
earned. Realized gains and losses on securities transactions are calculated
based upon the average cost of the securities sold.
6
(2) PLAN DESCRIPTION
----------------
(a) ORGANIZATION
------------
The Plan was established effective January 1, 1994 for the benefit of
employees of Cytec Industries Inc. ("Cytec" or "the Company") and employees
of its participating subsidiaries. The following is some general
information regarding the Plan:
The purpose of the Plan is to provide eligible employees with the
opportunity to accumulate personal savings and to share in the growth and
ownership of Cytec through receipt of profit sharing contributions and the
allocations of Cytec common stock. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974, (as amended).
For a more complete description of the Plan provisions, participants should
refer to the Summary Plan Description and Plan Document.
(b) MEMBERS CONTRIBUTIONS
---------------------
Participating members may contribute to the Plan after the first of the
month following their one month anniversary (as defined in the plan),
through payroll deductions, 1% to 15% (subject to IRS limitations) of such
member's earnings (as defined), on a before-tax basis, an after-tax basis
or a combination thereof. Beginning January 2002 members may contribute 1%
to 25% (subject to IRS limitations) of earnings.
Member contributions may be invested in (i) the Interest Income Fund, (ii)
Vanguard International Growth Portfolio (of the Vanguard World Fund), (iii)
Vanguard LIFEStrategy Portfolios' Growth Portfolio (of the Vanguard STAR
Fund), (iv) Vanguard LIFEStrategy Portfolios' Conservative Growth Portfolio
(of the Vanguard STAR Fund), (v) Vanguard Explorer Fund, (vi) Vanguard
Balanced Index Fund, (vii) the Vanguard Index Trust-500 Portfolio and
(viii) the Cytec Stock Fund. Effective January 1, 2001, the Vanguard Total
Bond Market Index Fund and the Vanguard PRIMECAP Fund were added to the
list of investment options. The VMMR Prime Portfolio Fund functions as a
holding mechanism for forfeitures or other items not yet offset by future
sponsor contributions.
Members may elect to make before-tax contributions which defers federal
income taxes (and, generally, similar local and/or state income taxes) on
their contributions (subject to IRS limitations) until the withdrawal or
distribution of those contributions from the Plan.
The Plan accepts eligible rollover contributions from eligible members. If
a member has been a participant in a plan which meets the requirements of
Section 401 of the Internal Revenue Code, that member may, within sixty
days of receiving a distribution from that previous employer's plan,
transfer his or her eligible account balance into the Plan without tax
implications.
7
(c) EMPLOYER CONTRIBUTIONS
----------------------
Prior to January 1, 2001, matching contributions were made by the Company in
amounts equal to 75% of most members' contributions up to the first 4% of the
member's earnings, as defined, ("Matched Contributions"). For a members'
contribution exceeding the aforementioned limits ("Unmatched Contributions"),
there were no employer matching contributions. To be eligible for a Company
matching contribution, a Plan member must have completed one year of service, as
defined in the plan.
Beginning January 2001, matching contributions made by the Company are equal to
100% of most salaried members' contributions up to the first 3% of the member's
earnings, and 50% of members' contributions up to the next 2% of the member's
earnings. Union members continue to receive matching contribution under the
pre-January 1, 2001 formula. For a member's contribution exceeding the
aforementioned limits ("Unmatched Contributions"), there are no employer
contributions. Beginning January 2001, the definition of plan eligible
compensation for all employees, for the purposes of employee contributions and
matched contributions has changed to "all pay" as defined by the IRS.
In addition to matching contributions, if the Company's net after-tax earnings
available to common stockholders meets or exceeds a defined formula, the Company
may make an additional profit sharing contribution. Beginning in 2001, the
amount of profit sharing is based on the change in fully diluted earnings per
share.
To be eligible for a Company profit sharing contribution, a Plan member must
have been an active employee on December 31 of the respective year and have
completed at least one year of service. Profit sharing contributions of
$4,970,721 and $0 were made in 2002 and 2001, respectively. Profit sharing
contributions are recorded by the Plan in the year such contributions are
earned, and are credited to the accounts of eligible members during the early
part of the following year. Eligible pay for profit sharing purposes continues
to be annualized base pay on September 1st in the year for which the
contribution is being made.
All Company matching contributions for plan participants are invested in the
Cytec Stock Fund, which invests in Cytec Industries Inc. common stock. Profit
sharing contributions are invested in the Interest Income Fund, unless specified
differently by the member.
Members who are at least age 58, can reallocate Company matching contributions
invested in the Cytec Stock Fund at a cumulative rate of 20% per year to any
other investment option offered under the Plan. Additionally, members who are at
least age 62 and have five years of service, may reallocate up to 100% of
Company matching contributions invested in the Cytec Stock Fund. Beginning
January 1, 2001, the aforementioned age requirements were changed to at least 55
and 60, respectively.
8
(d) VESTING
-------
All units representing employee contributions and earnings or losses thereon are
fully vested at all times. Beginning January 1, 2001, the Company match and
profit sharing contributions vest immediately for all employees.
(e) WITHDRAWALS
-----------
During employment, a member may make withdrawals in cash (or common stock of the
Company in the case of withdrawals from the Cytec Stock Fund) of amounts
applicable to employee and vested employer contributions and earnings or losses
thereon, subject to certain restrictions. Vested employer contributions may not
be withdrawn earlier than 24 months after being contributed. Withdrawals of
employee before-tax contributions preclude the member from making contributions
to the Plan or from receiving further normal employer contributions under the
Plan for various periods of time, as defined in the Plan, unless the participant
has attained age 59 1/1/2. Beginning January 1, 2001, employer matching
contributions earned on or after January 1, 2001 are no longer eligible to be
withdrawn unless the member has attained age 59 1/2.
(f) BENEFIT PAYMENTS
----------------
Upon termination of employment, a member's vested values under the Plan may be
distributed in any one of four ways: lump-sum distribution, single life annuity,
joint and survivor annuity, or monthly payments up to 360 months (subject to
limits imposed by the Internal Revenue Code). Upon the death of an active
member, such member's vested value under the Plan can be distributed in any one
of three ways: lump sum distribution, single life annuity, or monthly payments
up to 360 months. Annuity payments and monthly payments commence as soon as
practicable following a request from the participant.
Minimum distributions are required to begin by April 1 of the calendar year
following the later of:
o The calendar year in which the participant attains 70 1/2 years of age; or
o The calendar year in which the participant retires from service with the
Company.
(g) LOAN PROVISIONS
---------------
Eligible participants may borrow up to fifty percent of the value of employee
account balances, subject to a minimum of $1,000 and a maximum of $50,000
reduced by the highest loan balance outstanding during the prior twelve months.
Loans for the purchase of a "principal residence" must be repaid in one to
fifteen years, at the member's option. Loans for all other purposes must be
repaid in one to five years, at the member's option. These loans are made at the
prevailing market interest rates equal to prime rate plus one percent. In 2002,
the applicable loan rates ranged from 5.25% to 10.50% and in 2001, the
applicable loan rates ranged from 6% to 10.50%. No more than one loan from the
Plan to a participant shall be permitted at any time. All principal and interest
payments made by the employee are credited back to the employee's account.
9
(3) FUND MANAGEMENT
---------------
Under the terms of a trust agreement dated January 1, 1994, the Plan assets
are held and managed by the Vanguard Fiduciary Trust Company (the
"Trustee"), which has full discretionary power over investments in the
Funds subject to the limitations thereon imposed by the investment
objectives of the various funds and the provisions of the Employee
Retirement Income Security Act of 1974, (as amended). All transactions
qualify as party-in-interest transactions. Fees for the administrative
expenses are borne by the Company, and were not significant for the years
ended December 31, 2002 and 2001.
The Plan Administrator, who is an officer of the Company and the Named
Fiduciary, has full authority to control and manage the operation and
administration of the Plan.
(4) PARTICIPANT AND NON-PARTICIPANT DIRECTED FUNDS
----------------------------------------------
All funds are participant directed with the exception of Cytec matching
contributions which are solely invested in, and remain in, the Cytec Stock
Fund; provided, however, those participants who are at least age 55 may
elect an investment change with regards to the matching contributions,
subject to certain restrictions (see Note 2c). Additionally, profit sharing
contributions are also directed by the participants. If no fund is
specified, the profit sharing contributions are invested in the Interest
Income Fund and can be redirected to another fund at the discretion of the
participant.
Information about the net assets and the significant components of the
changes in net assets relating to the nonparticipant-directed investments
is as follows:
December 31,
------------
2002 2001
---- ----
Cytec Stock Fund $32,855,154 $29,896,210
Year Ended
December 31,
------------
2002 2001
---- ----
Balance at Beginning of Year $29,896,210 $40,510,452
Changes in Net Assets Available for Benefits:
Contributions 5,717,204 5,737,689
Net Appreciation (Depreciation) 456,958 (13,391,269)
Benefits Paid to Participants (2,370,728) (2,597,564)
Transfer to Participant Directed Investments (935,348) (347,773)
Miscellaneous 90,858 (15,325)
----------- -----------
Balance at End of Year $32,855,154 $29,896,210
=========== ===========
10
(5) DISTRIBUTIONS AND FORFEITURES
-----------------------------
Forfeitures of non-vested employer contributions are used to reduce
employer contributions. Forfeitures amounted to $2,481 and $172,526 in 2002
and 2001, respectively.
(6) PLAN EXPENSES
-------------
Administrative expenses of the Plan are currently paid by the Company.
However, the Company has the right to charge future expenses to the Trust.
Investment advisory fees for portfolio management of Vanguard funds are
paid directly from fund earnings. Investment expenses related to the
investment contracts in the interest income fund are deducted from the
assets in the fund.
(7) PLAN TERMINATION
----------------
The Plan has no termination date and it is the Company's current intention
to continue the Plan indefinitely. However, the Company may terminate,
amend, modify or suspend the Plan at any time. Upon termination of the Plan
or upon complete discontinuance of employer contributions, all of the units
in member accounts that are attributable to employer contributions or net
income thereon would become immediately vested.
(8) TAX STATUS OF THE PLAN
----------------------
The Internal Revenue Service issued a determination letter on June 1, 1998
which stated that the Plan and its underlying Trust qualify under the
provisions of Section 401(a) of the Internal Revenue Code and therefore,
are exempt from federal income taxes under provisions of Section 501(a) of
the Internal Revenue Code. The Plan has since been amended. However, in the
opinion of the Plan Administrator, the Plan and its underlying Trust have
operated in accordance with applicable law and remain qualified under the
provisions of the Internal Revenue Code.
(9) FAIR VALUE OF FINANCIAL INSTRUMENTS
-----------------------------------
The fair value of financial instruments represents the estimated amounts at
which the asset or liability could be exchanged in a current transaction
between willing parties, other than in a forced liquidation sale. These
estimates are subjective in nature and involve uncertainties and matters of
judgment; therefore, they cannot be determined with precision. Changes in
assumptions could significantly affect the estimates.
The assets of the Plan are primarily financial instruments which are
monetary in nature. As a result, interest rates may have a more significant
impact on the Plan's performance than the effects of general levels of
inflation. Interest rates do not necessarily move in the same direction or
in the same magnitude as the prices of goods and services as measured by
the consumer price index. Investments in funds are subject to risk
conditions of individual mutual fund objectives, stock markets, interest
rates, economic conditions and world affairs.
11
The estimated fair market value of the investment funds are determined by use of
market prices determined by the Plan Trustee. The carrying amount of the
Interest Income Fund is considered to approximate fair value.
The fair value of the Plan's participant and non-participant directed funds at
December 31, 2002 and 2001 were as follows:
2002 2001
------------ ------------
Cytec Stock Fund $ 81,950,844 $ 82,759,614
Interest Income Fund 102,658,843 94,605,004
Vanguard Balanced Index Fund 23,032,013 28,832,895
VMMR Prime Portfolio Fund 12,773 7,767
Vanguard Index Trust 500 Portfolio 49,705,716 65,564,202
Vanguard International Growth Portfolio 4,484,305 5,630,414
Vanguard LIFEStrategy Portfolios' Growth Portfolio 8,793,130 9,881,879
Vanguard LIFEStrategy Portfolios' Conservative Growth Portfolio 4,406,327 4,641,538
Vanguard Explorer Fund 10,567,610 14,264,071
Vanguard PRIMECAP Fund 2,781,455 2,655,801
Vanguard Total Bond Market Index Fund 4,618,539 3,799,875
------------ ------------
$293,011,555 $312,643,060
============ ============
The loans to participants and receivable balances as recorded in the 2002 and
2001 Statement of Net Assets Available for Benefits approximate the fair values.
The Interest Income Fund is intended to provide fixed income with minimal risk.
Contributions to the Interest Income Fund are invested primarily in contracts
with insurance companies and other financial institutions guaranteeing an annual
effective interest rate for specified periods. Investments in these contracts
are included in the financial statements at fair value, as reported to the
Trustee by the financial institutions. The financial institutions guarantee the
interest rate for the life of the contracts. The Interest Income Fund's
investment return was 5.82% and 6.09% for 2002 and 2001, respectively. The
amounts remitted to the financial institutions for contracts become the assets
of those companies, which, in turn, assume an obligation to fulfill the contract
terms. The ultimate ability to repay principal and interest is dependent upon
the financial stability of the financial institutions.
12
Investments in the Interest Income Fund at December 31, 2002 and 2001 were:
2002 2001
---- ----
AIG Financial $ 10,146,917 $ 9,537,546
American International Life Assurance 3,649,048 3,649,049
CDC Capital 2,500,703 5,820,294
John Hancock Mutual 2,680,499 4,168,608
Life of Virginia 2,923,015 4,151,802
Massachusetts Mutual Life Insurance 6,310,495 6,273,724
Metropolitan Life Insurance -- 736,978
NatWest Markets 3,718,960 4,673,898
New York Life Insurance 6,000,045 5,557,805
Rabobank 5,560,134 9,321,273
State Street Bank 8,698,279 11,149,631
UBS Warburg 17,825,870 16,803,867
Vanguard Federal Money Market 3,161,901 4,190,626
Vanguard Retirement Savings Trust 29,482,977 8,569,903
------------ -----------
$102,658,843 $94,605,004
============ ===========
During 2002 and 2001, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year), depreciated in
value by $24,944,737 and $54,891,193 respectively, as follows:
2002 2001
---- ----
Cytec Stock Fund $ 1,720,598 ($39,540,908)
Interest Income Fund (8) (7)
Vanguard Balanced Index Fund (3,397,815) (1,990,395)
Vanguard Index Trust 500 Portfolio (15,528,159) (9,984,881)
Vanguard International Growth Portfolio (1,076,040) (1,493,980)
Vanguard LIFEStrategy Portfolios' Growth Portfolio (1,832,198) (1,161,348)
Vanguard LIFEStrategy Portfolios' Conservative Growth Portfolio (427,177) (215,479)
Vanguard Explorer Fund (3,661,804) (177,157)
Vanguard PRIMECAP Fund (830,294) (328,388)
Vanguard Total Bond Market Index Fund 88,160 1,350
------------ ------------
($24,944,737) ($54,891,193)
============ ============
13
(10) RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 - ANNUAL REPORT/RETURN
--------------------------------------------------------------------------
OF EMPLOYEE BENEFIT PLAN
------------------------
For financial statement purposes, the Plan does not record a liability for
benefits payable to participants of the Plan. The following reconciles the
Financial Statement to Form 5500, as of and for the years ended December
31, 2002, and 2001.
Years Ended December 31,
------------------------
2002 2001
---- ----
Net Assets Available for Plan Benefits, as
Reported in Financial Statements $304,132,161 $318,875,992
Less: Due to Participants (2,367,565) -
------------ ------------
$301,764,596 $318,875,992
============ ============
Distributions Paid to Participants, as Reported
in Financial Statements $ 24,139,349 $ 32,697,659
Less: Due to Participants, Beginning of the Year - -
Add: Due to Participants, End of Year 2,367,565 -
Distributions Paid to Participants As Reported in
------------ ------------
Form 5500 $ 26,506,914 $ 32,697,659
============ ============
(11) COMMITMENTS AND CONTINGENCIES
-----------------------------
The Plan is subject to claims and suits in the ordinary course of business.
Management believes that the ultimate resolution of all such proceedings
will not have a material adverse effect on the Plan.
14
CYTEC EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
Schedule H, Line 4 (i)
Schedule of Assets Held for Investment Purposes
As of December 31, 2002
Description Fair Value
----------- ----------
Vanguard Index Trust 500 Portfolio* $ 49,705,716
Vanguard Balanced Index Fund* 23,032,013
Vanguard Explorer Fund* 10,567,610
Vanguard International Growth Portfolio* 4,484,305
Vanguard LifeStrategy Portfolios' Conservative Growth Portfolio* 4,406,327
Vanguard LifeStrategy Portfolios' Growth Portfolio* 8,793,130
Vanguard Prime Money Market* 12,773
Vanguard PRIMECAP Fund* 2,781,455
Vanguard Total Bond Market Index Fund* 4,618,539
Cytec Stock Fund* 81,950,844
Loan Fund** 4,573,196
Interest Income Fund* 102,658,843
------------
$297,584,751
============
* Party-in-interest
** Loan rates ranged from 5.25% to 5.75%
15
CYTEC EMPLOYEES' SAVINGS AND PROFIT SHARING PLAN
Schedule H, Line 4 (j) Schedule of 5% Reportable Transactions
For the Year Ended December 31, 2002
IDENTITY OF DESCRIPTION PURCHASE SELLING COST OF NET GAIN
PARTY INVOLVED OF ASSETS PRICE PRICE ASSETS OR (LOSS)
-------------- --------- ----- ----- ------ ---------
The Vanguard Group Cytec Stock Fund 21,049,356 N/A N/A N/A
The Vanguard Group Cytec Stock Fund N/A 23,577,213 20,691,565 2,885,648
The Vanguard Group Vanguard 500 Index 10,999,476 N/A N/A N/A
The Vanguard Group Vanguard 500 Index N/A 11,329,802 12,107,206 (777,404)
The Vanguard Group Interest Income Fund 32,497,782 N/A N/A N/A
The Vanguard Group Interest Income Fund N/A 24,440,190 24,446,947 (6,757)
16
EXHIBIT:
23.1 Consent of Grant Thornton LLP
SIGNATURE
---------
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Cytec Employees' Savings and
Profit Sharing Plan
By: /s/ Joseph E. Marosits
-----------------------------
Joseph E. Marosits
Plan Administrator
June 27, 2003
17
EXHIBIT INDEX
-------------
23.1 Consent of Grant Thornton LLP
18