e11vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark one)
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Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
For the fiscal year ended December 31, 2010
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o |
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Transition report pursuant to Section 15(d) of the Securities
Exchange Act of 1934. |
For the transition period from _______ to _______
Commission File Number 001-12209
A. |
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Full title of the plan and address of the plan, if different from the issuer named
below |
RANGE RESOURCES CORPORATION
401 (k) PLAN
B. |
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Name of issuer of the securities held pursuant to the plan and address of its
principle executive office |
Range Resources Corporation
100 Throckmorton, Suite 1200
Fort Worth, Texas, 76012
TABLE OF CONTENTS
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Report of Independent Registered Public Accounting Firm |
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F-1 |
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Financial Statements |
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Statements of Net Assets
Available for Benefits |
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F-2 |
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Statements of Changes in Net
Assets Available for Benefits |
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F-3 |
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Notes to Financial Statements |
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F-4 |
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Supplemental Schedule Form 5500,
Schedule H, Line 4i, Schedule of Assets
(Held at End of Year) |
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F-12 |
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Signature |
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F-13 |
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Exhibit Index |
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F-14 |
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Exhibit 23- Consent of Independent Registered Public Accounting Firm |
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F-15 |
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Exhibit 99.1- Certification of Periodic Financial Reports |
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F-16 |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Administrative Committee of the
Range Resources Corporation 401(k) Plan
We have audited the accompanying statements of net assets available for benefits of the Range
Resources Corporation 401(k) Plan as of December 31, 2010 and 2009 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 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. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. An audit includes consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plans internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Range Resources Corporation 401(k) Plan as
of December 31, 2010 and 2009, and the changes in its net assets available for benefits for the
years then ended in conformity with accounting principles generally accepted in the United States
of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of Form 5500, Schedule H, Line 4i, Schedule of Assets
(Held at End of Year) as of December 31, 2010 is presented for the purpose of additional analysis
and is not a required part of the basic financial statements but is supplementary information
required by the Department of 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 audits of the basic financial statements and, in our opinion, is fairly stated in
all material respects in relation to the financial statements taken as a whole.
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/s/ Whitley Penn LLP
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Fort Worth, Texas |
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June 24, 2011 |
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F-1
RANGE RESOURCES CORPORATION 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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December 31, |
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2010 |
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2009 |
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Assets |
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Investments, at fair value: |
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Shares of registered investment companies: |
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Mutual funds |
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$ |
35,260,513 |
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$ |
32,654,375 |
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Common collective trust |
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7,075,278 |
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7,537,078 |
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Self-directed brokerage |
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42,839 |
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Range Resources Corporation common stock |
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29,712,246 |
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31,811,392 |
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Total investments at fair value |
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72,090,876 |
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72,002,845 |
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Participant contribution receivable |
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128,945 |
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Employer contribution receivable |
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112,657 |
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Notes receivable from participants |
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891,180 |
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989,907 |
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Total assets |
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72,982,056 |
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73,234,354 |
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Liabilities |
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Liability for excess contributions |
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Net assets available for benefits at fair value |
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72,982,056 |
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73,234,354 |
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Adjustment from fair value to contract value for
interest in common collective trust relating to fully
benefit-responsive investment contract |
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(187,378 |
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(125,232 |
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Net assets available for benefits |
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$ |
72,794,678 |
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$ |
73,109,122 |
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See accompanying notes to financial statements.
F-2
RANGE RESOURCES CORPORATION 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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Year Ended December 31, |
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2010 |
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2009 |
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Additions to net assets |
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Investment income: |
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Net realized and unrealized gains on
investments |
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$ |
1,085,575 |
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$ |
16,639,155 |
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Interest and dividends |
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969,746 |
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849,828 |
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Total investment income |
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2,055,322 |
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17,488,983 |
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Cash contributions: |
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Participants |
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4,653,003 |
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5,010,498 |
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Employer match |
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3,032,425 |
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3,188,749 |
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Rollover and other |
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760,747 |
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539,313 |
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Total cash contributions |
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8,446,175 |
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8,738,560 |
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Total additions to net assets |
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10,501,496 |
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26,227,542 |
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Deductions from net assets |
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Benefits paid to participants |
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(10,815,940 |
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(4,004,493 |
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Total deductions from net assets |
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(10,815,940 |
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(4,004,493 |
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Net increase (decrease) in net assets available for benefits |
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(314,444 |
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22,223,049 |
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Net assets available for benefits at beginning of year |
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73,109,122 |
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50,886,073 |
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Net assets available for benefits at end of year |
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$ |
72,794,678 |
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$ |
73,109,122 |
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See accompanying notes to financial statements.
F-3
RANGE RESOURCES CORPORATION 401(k) PLAN
Notes to Financial Statements
December 31, 2010 and 2009
A. Description of the Plan
Plan Description
The following description of the Range Resources Corporation 401(k) Plan (the Plan) provides
only general information. The Plan is sponsored by Range Resources Corporation (the Company or
Plan Sponsor). Participants should refer to the Plan agreement for a more complete description
of the Plans provisions.
During 2010, we sold our Ohio properties which resulted in the
elimination of a significant number of employees. Along with this
sale, we also executed a partial Plan termination. In accordance with
the guidelines of partial plan terminations, the Company has fully
vested all employees taking distributions from the Plan who were
terminated during 2010.
General
The Plan was established effective January 1, 1989 as a defined contribution plan covering
employees of the Company who are eighteen years of age or older. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The purpose of the Plan is to encourage employees to save and invest, systematically, a
portion of their current compensation in order that they may have a source of additional income
upon their retirement, or for their family in the event of death.
Contributions
Participants may contribute up to 75% of their pre-tax annual compensation, as defined by the
Plan. Contributions are subject to limitations on annual additions and other limitations imposed
by the Internal Revenue Code (the Code) as defined in the Plan agreement. The Plan allows for
two types of elective deferrals. A participant may elect a pre-tax deferral of up to 75% of
pre-tax compensation or a participant may make a Roth IRA deferral which is taxed differently than
the pre-tax deferral.
The Company has an automatic enrollment feature under the Plan after a participant meets a
60-day service requirement. Those employees that do not make an affirmative election to not
contribute to the Plan are automatically enrolled in the Plan with contributions equal to 3% of
pre-tax annual compensation. If those employees added to the Plan under the automatic enrollment
feature do not change their deferral, the deferral will increase 1% on each anniversary date up to
a maximum of 6%.
Employees who are eligible to make salary deferral contributions under the Plan and who have
attained age 50 before the close of the Plan year, are eligible for catch-up contributions in
accordance with and subject to the limitations imposed by the Code.
Participants must be employed on the last day of the Plan year, and complete 1,000 hours of
service during the Plan year to be eligible to receive profit sharing contributions. Each year the
Board of Directors may determine the percentage of employee salaries that the Company will
contribute as a profit sharing contribution. This contribution is discretionary and the Company
did not make any profit sharing contributions in either 2010 or 2009.
At the discretion of the Board of Directors, the Company may elect to contribute a matching
contribution based on the amounts of salary deferrals of the participants. The Board did not elect
any matching contributions in 2010 or 2009.
Beginning January 1, 2008, the Company began a Qualified Automatic Safe Harbor Matching
Contribution (QASH) in the amount of 100% of the first 6% of deferred compensation. QASH
contributions were approximately $3,032,000 and $3,189,000 during 2010 and 2009, respectively.
F-4
A. Description of the Plan continued
Participant Accounts
Each participants account is credited with the participants elective contributions, employer
contribution(s), and earnings thereon. Allocations are based on participant earnings as defined in
the Plan. The benefit to which a participant is entitled is the benefit that can be provided from
the participants vested account.
Vesting
Participants are immediately fully vested in their elective contributions plus actual earnings
thereon. Effective January 1, 2008 vesting in the Company Qualified Automatic Safe Harbor Matching
Contribution portion of accounts plus actual earnings thereon is as follows:
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Years of Service |
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Vested Percentage |
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Less than One (1) year |
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0 |
% |
One (1) year |
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50 |
% |
Two (2) years |
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50 |
% |
A year of service for vesting purposes is defined as a period in which a participant completes
at least 1,000 hours of service. Prior to 2008, Company contributions were subject to the
following vesting schedule:
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Years of Service |
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Vested Percentage |
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Less than One (1) year |
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0 |
% |
One (1) year |
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40 |
% |
Two (2) years |
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80 |
% |
Three (3) or more years |
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100 |
% |
Loans
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to
the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five
years or, in the case of a loan to acquire or construct the primary residence of a participant, a
period not to exceed a repayment period used by commercial lenders for similar loans. The loans
are secured by the balance in the participants account and bear interest at the prime rate plus
2.00%, as defined by the Participant Loan Program. Interest rates for current outstanding loans
ranged from 5.25% to 10.25%. Principal and interest are paid ratably through payroll deductions.
Benefit Payments
Participants withdrawing during the year for reasons of service or disability, retirement,
death, or termination are entitled to their vested account balance. Benefits are distributed in
the form of rollovers, lump sum distributions, installment payments, or through the purchase of an
annuity contract. If withdrawing participants are not entitled to their entire account balance,
the amounts not received are forfeited. See additional discussion below.
A participant may receive a hardship distribution from salary deferrals if the distribution
is: (1) on account of uninsured 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) needed to prevent eviction of the
participant from his or her principal residence or foreclosure upon the mortgage of the
participants principal residence; (5) on account of funeral or burial expenses relating to the
death of the
F-5
A. Description of the Plan continued
Benefit Payments continued
participants deceased parent, spouse, child or dependant; or (6) on account of casualty expenses
to repair damage to the participants principal residence.
Forfeitures
All forfeitures are used to fund Plan expenses.
Recently Issued Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting
Standards Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures (ASC 820): Improving
Disclosures about Fair Value Measurements, which requires additional disclosures on transfers in
and out of Level I and Level II and on activity for Level III fair value measurements. The new
disclosures and clarifications of existing disclosures are effective for reporting periods
beginning after December 15, 2009, except for the disclosures of Level III activity, which are
effective for fiscal years beginning after December 15, 2010. The Plans adoption of the Level I
and II disclosure guidance, effective January 1, 2010, did not have a material impact on the
reported net assets or changes in net assets. The adoption of the Level III disclosure guidance is
not expected to have a material impact on the reported net assets or changes in net assets.
In September 2010, the FASB issued Accounting Standards Update (ASU) 2010-25, Plan
Accounting Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by
Defined Contribution Pension Plans, which requires loans to participants to be classified as notes
receivable from participants, segregated from Plan investments. Further, this new guidance
requires participant loans to be measured at their unpaid principal balance plus any accrued but
unpaid interest, rather than at fair value. The ASU was effective for financial statements issued for annual periods ending after
December 15, 2010, and was adopted by the Plan in the year ended December 31, 2010.
B. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are presented on the accrual basis of accounting in
accordance with accounting principles generally accepted in the United States of America.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America, requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and
expenses. Actual results could differ from these estimates.
Investment Valuation and Income Recognition
The Plans investments are stated at fair value. Quoted market prices are used to value
investments in the mutual funds and Range Resources Corporation common stock. The self-directed
brokerage investments are valued based on the year-end net asset value of the mutual fund shares.
The Plans interest in the common collective trust is valued based on information reported by the
investment advisor using the audited financial statements of the common collective trust at
year-end. These investments are subject to market or credit risks customarily associated with
equity investments.
F-6
B. Summary of Significant Accounting Policies continued
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 realized gains
or loss on investments is the difference between the proceeds received upon the sale of investments
and the market value of investments as of the end of the preceding year or the average cost of
those assets if acquired during the current year.
Unrealized appreciation or depreciation of investments represents the increase or decrease in
market value during the year.
Investment contracts held by a defined-contribution plan are required to be reported at fair
value. However, contract value is the relevant measurement attribute for that portion of the net
assets available for benefits of a defined-contribution plan attributable to fully
benefit-responsive investment contracts because contract value is the amount participants would
receive if they were to initiate permitted transactions under the terms of the Plan. The Plan
invests in investment contracts through a common collective trust. The fair value of the
investment in the common collective trust is presented in the Statement of Net Assets Available for
Benefits as well as the adjustment of the investment in the common collective trust from fair value
to contract value. The Statement of Changes in Net Assets Available for Benefit is prepared on a
contract value basis.
Contributions
Contributions from participants and the Company are accrued in the period in which they are
deducted in accordance with salary deferral agreements and as they become obligations of the
Company, as determined by the Plans administrator.
Payment of Benefits
Benefits are recorded when paid.
Plan Expenses
Employees of the Company perform certain administrative functions with no compensation from
the Plan. Administrative costs of the Plan are paid by the Company and are not reflected in the
accompanying financial statements. The Plan Sponsor paid Plan expenses on behalf of the Plan of
approximately $20,000 in 2010 and $31,000 in 2009.
Notes Receivable From Participants
Participant loans are valued at the unpaid principal balance plus any accrued but unpaid
interest, which approximates fair value.
C. Investments
Participants may direct their 401(k) salary deferrals and employer contributions to be
invested into any of the twenty-three investment funds and one common collective trust offered by
the Plan as well as the Range Resources Corporation common stock. Beginning in 2010, a
self-directed brokerage account was added where monies are invested in mutual funds and investment
decisions are directed by employees. Employees are limited to a maximum investment in the
self-directed brokerage account of 50% of their 401k investment balance.
The following table presents the individual investments that exceeded 5% of the Plans net
assets available for benefits at December 31:
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Description |
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2010 |
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Range Resources Corporation common stock |
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$ |
29,712,246 |
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DWS Stable Value Trust-Institutional Shares |
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7,075,278 |
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American Funds The Growth Fund of America Class R3 |
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6,049,583 |
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F-7
C. Investments continued
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Description |
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2009 |
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Range Resources Corporation common stock |
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$ |
31,811,392 |
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DWS Stable Value Trust-Institutional Shares |
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7,537,078 |
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American FundsThe Growth Fund of American Class R3 |
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6,572,519 |
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Common stock of the Company represented approximately 41% of net assets available for benefits
at December 31, 2010 compared to 44% of net assets available for benefits at December 31, 2009.
During 2010 and 2009, the composition of the Plans net realized and unrealized gains and
(losses) on investments was as follows:
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2010 |
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2009 |
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Mutual funds |
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$ |
3,863,807 |
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$ |
6,262,321 |
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Range Resources Corporation common stock |
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(2,778,232 |
) |
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|
10,376,834 |
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$ |
1,085,575 |
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|
$ |
16,639,155 |
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D. Tax Status
The Plan has received a determination letter from the Internal Revenue Service (IRS) dated
August 20, 2003, stating that the Plan is qualified under Section 401(a) of the Code and,
therefore, the related trust is exempt from federal income taxation. The Plan has been amended
since receiving the determination letter. The Company has adopted an ADP Retirement Services prototype plan which has been approved by the IRS for use
by employers as a qualified plan. Once qualified, the Plan is required to operate in conformity
with the Code to maintain its qualification. Management believes the Plan is being operated in compliance with
the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the
related trust is tax exempt.
E. Forfeitures
At December 31, 2010 the balance in the forfeiture account approximated $41,000 and
approximated $35,000 at December 31, 2009.
F. Transactions with Parties-in-Interest
Participants have the option to invest their salary deferrals into the Companys common stock.
In addition, the Plan invests in shares of mutual funds managed by DWS Trust Company (DWS). DWS
acts as trustee for these investments as defined by the Plan. Transactions in such investments
qualify as parties-in-interest transactions, which are exempt from the prohibited transaction
rules.
G. Plan Termination
Although it has not expressed any intent to do so, the Company has the right to terminate the
Plan at any time, subject to the provisions of ERISA. In the event of such termination of the
Plan, participants would become fully vested and the net assets of the Plan would be distributed
among the participants in accordance with ERISA.
F-8
H. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits as of December 31, 2010
and 2009, per the financial statements to the Form 5500:
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2010 |
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2009 |
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Net assets available for benefits per the financial statements |
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$ |
72,794,678 |
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|
$ |
73,109,122 |
|
Adjustment from contract value to fair value for interest in
common collective trust relating to fully benefit-responsive
investment contract |
|
|
187,378 |
|
|
|
125,232 |
|
|
|
|
Net assets available for benefits per the Form 5500 |
|
$ |
72,982,056 |
|
|
$ |
73,234,354 |
|
|
|
|
|
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|
The
following is a reconciliation of the net increase (decrease) in
net assets available for benefits for the twelve months ended December
31, 2010 and 2009, per the financial statements to the Form 5500:
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|
|
|
|
|
|
2010 |
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
available for benefits per the financial
statements |
|
$ |
(314,444 |
) |
|
$ |
22,223,049 |
|
Change in adjustment from contract value to
fair value for interest in common collective
trust relating to fully benefit-responsive
investment contract |
|
|
62,146 |
|
|
|
560,746 |
|
|
|
|
Net increase (decrease) in net assets
available for benefits per the Form 5500 |
|
$ |
(252,298 |
) |
|
$ |
22,783,795 |
|
|
|
|
|
|
|
|
The reconciling items noted above are due to the difference in the method of accounting used
in preparing the Form 5500 as compared to the Plans financial statements. The modified cash basis
of accounting was used in preparing the Form 5500, whereas the Plans financial statements have
been prepared on the accrual basis of accounting as required by accounting principles generally
accepted in the United States of America. For 2010 and 2009, the common collective trust is
adjusted from fair value to contract value.
I. Fair Value Measurements
In accordance with Generally Accepted Accounting Principles in the United States of America,
fair value measurements are based upon inputs that market participants use in pricing an asset or
liability, which are classified into two categories, observable inputs and unobservable inputs.
Observable inputs represent market data obtained from independent sources, whereas unobservable
inputs reflect a companys own market assumptions, which are used if observable inputs are not
reasonably available without undue cost and effort. These two types of inputs are further
prioritized into the following fair value input hierarchy:
Level 1 Inputs are unadjusted, quoted prices in active markets for identical assets
or liabilities as of the reporting date.
Level 2 Pricing inputs are other than quoted prices in active markets included in
Level 1, which are directly or indirectly observable as of the reporting date. Level 2
includes those financial instruments that
are valued using models or other valuation methodologies. These models are primarily
industry-standard models that consider various assumptions, including quoted forward prices
for commodities, time value, volatility factors, and current market and contractual prices
for the underlying instruments, as well as other
relevant economic measures. Where observable inputs are available, directly or indirectly,
for substantially the full term of the asset or liability, the instrument is categorized in
Level 2.
F-9
I.
Fair Value Measurements continued
Level 3 Pricing inputs include significant inputs that are generally less observable
from objective sources. These inputs may be used with internally developed methodologies
that result in managements best estimate of fair value.
The Plan uses a market approach for fair value measurements and endeavors to use the best
information available. Accordingly, valuation techniques that maximize the use of observable
inputs are favored. The following tables present the fair value hierarchy table for assets and
liabilities measured at fair value, on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2010 Using |
|
|
|
|
|
|
|
Quoted Prices in |
|
|
|
|
|
|
|
|
|
Total Carrying |
|
|
Active Markets |
|
|
Significant |
|
|
Significant |
|
|
|
Value as of |
|
|
for Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
December 31, |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
|
|
2010 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income funds |
|
$ |
4,702,902 |
|
|
$ |
4,702,902 |
|
|
|
|
|
|
|
|
|
Growth and income funds |
|
|
5,852,826 |
|
|
|
5,852,826 |
|
|
|
|
|
|
|
|
|
Growth funds |
|
|
15,175,105 |
|
|
|
15,175,105 |
|
|
|
|
|
|
|
|
|
Aggressive growth funds |
|
|
9,529,680 |
|
|
|
9,529,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mutual funds |
|
|
35,260,513 |
|
|
|
35,260,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range Resources common stock |
|
|
29,712,246 |
|
|
|
29,712,246 |
|
|
|
|
|
|
|
|
|
Common collective trust |
|
|
7,075,278 |
|
|
|
|
|
|
|
7,075,278 |
|
|
|
|
|
Self-directed brokerage |
|
|
42,839 |
|
|
|
42,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment at fair value |
|
$ |
72,090,876 |
|
|
$ |
65,015,598 |
|
|
$ |
7,075,278 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2009 Using |
|
|
|
|
|
|
|
Quoted Prices in |
|
|
|
|
|
|
|
|
|
Total Carrying |
|
|
Active Markets |
|
|
Significant |
|
|
Significant |
|
|
|
Value as of |
|
|
for Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
December 31, |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
|
|
2009 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income funds |
|
$ |
4,679,744 |
|
|
$ |
4,679,744 |
|
|
|
|
|
|
|
|
|
Growth and income funds |
|
|
4,003,953 |
|
|
|
4,003,953 |
|
|
|
|
|
|
|
|
|
Growth funds |
|
|
15,701,208 |
|
|
|
15,701,208 |
|
|
|
|
|
|
|
|
|
Aggressive growth funds |
|
|
8,269,470 |
|
|
|
8,269,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mutual funds |
|
|
32,654,375 |
|
|
|
32,654,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range Resources common stock |
|
|
31,811,392 |
|
|
|
31,811,392 |
|
|
|
|
|
|
|
|
|
Common collective trust |
|
|
7,537,078 |
|
|
|
|
|
|
|
7,537,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment at fair value |
|
$ |
72,002,845 |
|
|
$ |
64,465,767 |
|
|
$ |
7,537,078 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F-10
I. Fair Value Measurements continued
These items are classified in their entirety based on the lowest priority level of input
that is significant to the fair value measurement. The assessment of the significance of a
particular input to the fair value measurement requires judgment and may affect the placement of
assets and liabilities within the levels of the fair value
hierarchy. Mutual funds in Level 1 are measured at fair value with a market approach using
December 31, 2010 net asset values of the shares held by the Plan at year-end. Range Resources
Corporation common stock in Level 1 is exchange traded and measured at fair value with a market
approach using the December 31, 2010 closing price. The common collective trust in Level 2 is
measured based on information reported by the investment advisor using the audited financial
statements of the trust for the Plans year-end. Self-directed brokerage in Level 1 is measured
at fair value with a market approach using December 31, 2010 net asset values of the mutual fund
shares held by the Plan at year-end.
F-11
RANGE RESOURCES CORPORATION 401(k) PLAN
FORM 5500, SCHEDULE H, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010
EIN: 34-1312571
Plan: 002
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
(c) |
|
|
|
|
|
|
|
Identity of Isuue, |
|
Description of Investment, including |
|
|
|
(e) |
|
|
|
Borrower or |
|
Maturity Date, Rate of Interest, |
|
(d) |
|
Current |
|
(a) |
|
Similar Party |
|
Collateral, Par or Maturity Value |
|
Cost Value |
|
Value |
|
* |
|
Range Resources Corporation |
|
Common Stock |
|
** |
|
$ |
29,712,246 |
|
* |
|
DWS |
|
Stable Value Trust - Institutional Shares |
|
*** |
|
|
7,075,278 |
|
|
|
American Funds |
|
The Growth Fund of America - Class R3 |
|
** |
|
|
6,049,583 |
|
|
|
Pimco |
|
Total Return Fund - A |
|
** |
|
|
3,121,587 |
|
|
|
Blackrock |
|
Equity Dividend - A |
|
** |
|
|
2,990,008 |
|
|
|
Oppenheimer |
|
Global Fund - Class N |
|
** |
|
|
2,900,052 |
|
|
|
Blackrock |
|
U. S. Opport Port |
|
** |
|
|
2,603,779 |
|
|
|
Allianz |
|
NFJ Small Cap Value - A |
|
** |
|
|
2,237,593 |
|
* |
|
DWS |
|
Equity 500 Index Fund - Investment Class |
|
** |
|
|
2,074,661 |
|
|
|
T. Rowe Price |
|
Retirement 2030 Fund |
|
** |
|
|
1,672,436 |
|
|
|
Harbor |
|
International Fund - Investor |
|
** |
|
|
1,542,472 |
|
|
|
Blackrock |
|
Global Allocation Fund - A |
|
** |
|
|
1,509,223 |
|
|
|
T. Rowe Price |
|
Retirement 2015 Fund |
|
** |
|
|
1,488,211 |
|
|
|
Pimco |
|
Real Return Fund - A |
|
** |
|
|
1,301,033 |
|
|
|
Columbia |
|
Mid Cap Value Opp Fund - R3 |
|
** |
|
|
1,191,751 |
|
|
|
Alger |
|
Small Cap Growth Institutional - R |
|
** |
|
|
1,164,630 |
|
|
|
RS |
|
Emerging Markets Fund - A |
|
** |
|
|
855,787 |
|
* |
|
DWS |
|
RREEF Real Estate Securities Fund - Class A |
|
** |
|
|
829,146 |
|
|
|
T. Rowe Price |
|
Retirement 2020 Fund |
|
** |
|
|
722,369 |
|
|
|
T. Rowe Price |
|
Retirement Income Fund |
|
** |
|
|
336,137 |
|
|
|
Oppenheimer |
|
International Bond Fund |
|
** |
|
|
280,282 |
|
|
|
Davis |
|
New York Venture Fund -A |
|
** |
|
|
265,324 |
|
|
|
T. Rowe Price |
|
Retirement 2040 Fund |
|
** |
|
|
92,344 |
|
|
|
T. Rowe Price |
|
Retirement 2050 Fund |
|
** |
|
|
32,106 |
|
|
|
Self-directed brokerage |
|
Various investments in mutual funds |
|
** |
|
|
42,839 |
|
* |
|
Participant loans |
|
5.25%-10.25% ; 1-5 years |
|
-0- |
|
|
891,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
72,982,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
A party-in-interest as defined by ERISA |
|
** |
|
Cost not necessary due to participant-directed investements in mutual funds, common
collective trust and common stock |
|
*** |
|
Reported at fair value in accordance with Form 5500 |
F-12
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee has
duly caused this annual report to be signed on their behalf by the undersigned hereunto duly
authorized.
|
|
|
|
|
|
RANGE RESOURCES CORPORATION
401(k) PLAN
|
|
Date: June 24, 2011 |
/s/ Roger S. Manny
|
|
|
Roger S. Manny, Trustee |
|
|
|
|
F-13
Exhibit Index
|
|
|
NUMBER |
|
Exhibit |
|
|
|
23*
|
|
Consent of independent registered public accounting firm |
|
|
|
99.1*
|
|
Certification of the December 31, 2010
Annual Report on Form 11-K, pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002, by the Principal Executive Officer and
Principal Financial Officer of the Plan. |
F-14