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Quebecor World USA Inc – ‘11-K’ for 12/31/01

On: Monday, 7/1/02, at 3:11pm ET · For: 12/31/01 · Accession #: 912057-2-26053 · File #: 33-01137-04

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 7/01/02  Quebecor World USA Inc            11-K       12/31/01    2:20K                                    Merrill Corp/FA

Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 11-K        Annual Report of an Employee Stock Purchase,          13     37K 
                          Savings or Similar Plan                                
 2: EX-23       Consent of Experts or Counsel                          1      5K

11-K — Annual Report of an Employee Stock Purchase, Savings or Similar Plan
Document Table of Contents

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==============================================================================  

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

----------------------

 FORM 11-K

(Mark one)                                                                      

/X/ ANNUAL REPORT PURSUANT TO SECTION 15 (D) OF THE SECURITIES EXCHANGE ACT OF  
1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001 COMMISSION FILE NUMBER 
1-11802                                                                 

OR

/_/ TRANSITION REPORT PURSUANT TO SECTION 15 (D) OF THE SECURITIES EXCHANGE     
ACT OF 1934                                                             

FOR THE TRANSITION PERIOD FROM ______________________ TO ______________________ 

 QUEBECOR WORLD (USA) INC.
 (FORMERLY KNOWN AS WORLD COLOR PRESS, INC.)

401 (K) PLAN

 QUEBECOR WORLD (USA) INC.
 THE MILL, 340 PEMBERWICK ROAD
GREENWICH, CONNECTICUT 06831
(Address of principal executive offices)

203-532-4200
(Registrant's telephone number, including area code)

================================================================================

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QUEBECOR WORLD (USA) INC.                                               
401(k) PLAN                                                             

INDEPENDENT AUDITORS' REPORT                                            

FINANCIAL STATEMENTS                                                    
Years Ended December 31, 2001 and 2000                                  
SUPPLEMENTAL SCHEDULE                                                   
Year Ended December 31, 2001                                            

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QUEBECOR WORLD (USA) INC. 401(k) PLAN                                           

                                                        [Enlarge/Download Table]


TABLE OF CONTENTS                                                                                      
-------------------------------------------------------------------------------------------------------

                                                                                                   PAGE
                                                                                                       
INDEPENDENT AUDITORS' REPORT                                                                         1 

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2001 AND 2000                                                  
   AND FOR THE YEARS THEN ENDED:                                                                       

   Statements of Net Assets Available for Benefits                                                   2 

   Statements of Changes in Net Assets Available for Benefits                                        3 

   Notes to Financial Statements                                                                    4-7

SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2001:                                                         

   Schedule H, Part VI, Line 4i - Schedule of Assets Held for Investment Purposes                    8 

SIGNATURES                                                                                           9 

CONSENT OF INDEPENDENT AUDITORS                                                                      10


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INDEPENDENT AUDITORS' REPORT                                                    

To the Trustees and Participants of the                                         
Quebecor World (USA) Inc. 401(k) Plan                                           

We have audited the accompanying statements of net assets available for benefits
of the Quebecor World (USA) Inc. 401(k) Plan (the "Plan") as of December 31,    
2001 and 2000, 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 Plan as of  
December 31, 2001 and 2000, 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 audits were conducted for the purpose of forming an opinion on the basic    
financial statements taken as a whole. The supplemental schedule listed in the  
Table of Contents 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 Labor's Rules and Regulations for     
Reporting and Disclosure under the Employee Retirement Income Security Act of   
1974. The supplemental schedule is the responsibility of the Plan's management. 
Such supplemental schedule has been subjected to the auditing procedures applied
in our audit of the basic financial statements and, in our opinion, is fairly   
stated in all material respects when considered in relation to the basic        
financial statements taken as a whole.                                          

Deloitte & Touche LLP                                                           
New York, New York                                                              
June 14, 2002                                                                   

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QUEBECOR WORLD (USA) INC. 401(k) PLAN                                           

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS                                 
DECEMBER 31, 2001 AND 2000                                                      
--------------------------------------------------------------------------------

                                                                [Download Table]

                                           2001             2000   

                                                                   
INVESTMENTS AT FAIR VALUE             $510,066,403     $270,032,343

CASH                                        17,456                6

PARTICIPANT LOANS                       33,494,305       15,974,516

RECEIVABLES:                                                       
  Employer contributions                 1,394,623               --
  Employee contributions                     3,585               --
                                      ------------     ------------

                                         1,398,208               --
                                      ------------     ------------

NET ASSETS AVAILABLE FOR BENEFITS     $544,976,372     $286,006,865
                                      ============     ============

See notes to financial statements.                                              

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QUEBECOR WORLD (USA) INC. 401(k) PLAN                                           

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS                      
YEARS ENDED DECEMBER 31, 2001 AND 2000                                          
--------------------------------------------------------------------------------

                                                                [Download Table]

                                            2001                2000    

                                                                        
ADDITIONS:                                                              
  Investment income (loss):                                             
    Dividends                          $  16,593,706      $  17,023,840 
    Net depreciation in fair value       (45,029,390)       (22,311,334)
                                       -------------      ------------- 

           Total investment loss         (28,435,684)        (5,287,494)
                                       -------------      ------------- 

  Contributions:                                                        
    Employer                              15,694,740          2,922,794 
    Employee                              45,415,363         24,611,582 
                                       -------------      ------------- 

           Total contributions            61,110,103         27,534,376 
                                       -------------      ------------- 

  Assets merged into plan                272,373,260         19,416,412 
                                       -------------      ------------- 

           Total additions               305,047,679         41,663,294 
                                       -------------      ------------- 

DEDUCTIONS:                                                             
  Benefits paid to participants          (45,938,833)       (30,464,958)
  Transaction charges                       (139,339)          (109,932)
                                       -------------      ------------- 

           Total deductions              (46,078,172)       (30,574,890)
                                       -------------      ------------- 

NET INCREASE IN NET ASSETS               258,969,507         11,088,404 

NET ASSETS AVAILABLE FOR BENEFITS:                                      
  Beginning of year                      286,006,865        274,918,461 
                                       -------------      ------------- 

  End of year                          $ 544,976,372      $ 286,006,865 
                                       =============      ============= 

See notes to financial statements.                                              

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QUEBECOR WORLD (USA) INC. 401(k) PLAN                                           

NOTES TO FINANCIAL STATEMENTS                                                   
YEARS ENDED DECEMBER 31, 2001 AND 2000                                          
--------------------------------------------------------------------------------

1.    DESCRIPTION OF PLAN                                                       

   The following is a general description of the Quebecor World (USA) Inc.
     401(k) Plan (the "Plan"). Employees should refer to the Plan document for
a more complete description of the Plan's provisions.               

     GENERAL - The Plan is a defined contribution plan that was established on
    July 1, 1991. The purposes of the Plan are to help provide non-unionized
    and members of a participating bargaining unit ("PBU") of Quebecor World
     (USA) Inc. (the "Company" and "Sponsor") and its affiliates with benefits
for their retirement, to enable them to share in the profits of the 
 Company and to provide them with an opportunity to obtain an indirect
ownership interest in the Company. Non-union, full-time permanent   
      employees are eligible to participate in the Plan following the completion
  of one hour of service and upon attaining the age of 18 and non-union,
 part-time employees can participate following the completion of 1,000
hours of service or one year service, whichever comes first and upon
     attaining the age of 18. PBU employees shall become eligible on the entry
 date on which the employee satisfies the eligibility requirements set
 forth in the collective bargaining agreement in question. The Plan is
    subject to the provisions of the Employee Retirement Income Security Act
   of 1974 ("ERISA"). The Company is the administrator of the Plan. Putnam
Investments is the trustee and custodian of the Plan's investments. 

     PLAN MERGERS - The following Plan mergers occurred during the years ended
December 31, 2001 and 2000, respectively.                           

   On January 1, 2001, the Quebecor Deferred Compensation Savings Plan and
   the Quebecor Defined Contribution Plan merged into the Plan. On July 1,
     2001, the Quebecor World Pendell Inc. Profit Sharing Plan merged into the
   Plan. On December 20, 2001, the Retail Printing Corporation 401(k) Plan
merged into the Plan.                                               

  On October 3, 2000, the Quebecor/Sayers Associates' 401(k) Plan merged
into the Plan.                                                      

    All active participants in those plans automatically became participants
   of the Plan on the respective merger date. Participants should refer to
the Plan document for more complete information.                    

     CONTRIBUTIONS - Each year non-union participants may contribute up to 15%
     of pre-tax annual compensation subject to certain limitations, as defined
in the Plan. Members of a PBU may contribute as permitted by the    
 collective bargaining agreement applicable to the employee. Non-union
employees will have an employer match equal to 50% of the employees 
 pre-tax contribution, up to a maximum contribution of $1,500 per plan
      year. Members of a PBU will have an employer match equal to the amount set
    forth in the collective bargaining agreement applicable to the employee.

  PARTICIPANT ACCOUNTS - Each participant's account is credited with the
      participant's contributions and withdrawals, as applicable, and the funds'
 earnings in which the participant elects to participate. Earnings are
    allocated by fund based on the ratio of a participant's account invested
   in a particular fund to all participants' investments in that fund. The
 benefit to which a participant is entitled is the benefit that can be
provided from the participant's account.                            

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     VESTING - Participants hired on or after January 1, 2001 will become 100%
vested after three years of service. Participants will automatically
   become 100% vested if they reach age 59-1/2, die, or become permanently
     disabled while employed with the Company or its participating affiliates.
      Participants hired before January 1, 2001, will become vested according to
     their respective merged plan's vesting schedules, which range from one to
five years, as described in the Plan document.                      

    FORFEITURES - Upon termination of service of a participant prior to full
vestiture, the non-vested portion of the Company's contribution is  
   forfeited and used to pay plan expenses and/or applied to reduce future
employer contributions.                                             

INVESTMENT ELECTIONS - Participants may direct the investment of all
 contributions made to their account balance in any combination of the
      investment options available, in increments of 1%. Participants may change
     both their contribution percentage and investment options at any point in
     time. The investment options available to participants as of December 31,
2001 consisted of the following:                                    

          NEUBERGER & BERMAN GENESIS TRUST - Funds are invested primarily in
stocks of companies with small market capitalizations.  

         SIGNATURE STABLE VALUE FUND - Funds are invested in a diversified
           portfolio of high quality investment contracts in order to preserve
principal and achieve high current income.              

     PUTNAM S&P 500 INDEX FUND - Funds are invested in stocks that
      comprise the Standard & Poor's 500 Composite Stock Price Index
either directly or through collective investment trusts.

            QUEBECOR WORLD INC. STOCK FUND - The fund invests in the subordinate
voting shares of Quebecor World Inc.                    

          JANUS WORLDWIDE FUND - The fund invests primarily in common stocks
of foreign and domestic companies.                      

            PIMCO TOTAL RETURN FUND - Invests primarily in investment grade debt
        securities, but may invest up to 10% of its assets in high yield
securities.                                             

           PUTNAM ASSET ALLOCATION GROWTH FUND - Designed to meet the needs of
            investors who are willing to accept a higher degree of risk and have
long-term investment goals.                             

          PUTNAM ASSET ALLOCATION BALANCED FUND - Designed to meet the needs
          of investors who are willing to accept a moderate level of risk on
their portfolio.                                        

        PUTNAM ASSET ALLOCATION CONSERVATIVE FUND - Designed to meet the
            needs of investors who are willing to accept a reduced potential for
growth in exchange for less risk.                       

            PUTNAM OTC EMERGING GROWTH FUND - Invests primarily in common stocks
           of small to midsize companies traded on the over-the-counter market
and on national exchanges.                              

  PUTNAM INTERNATIONAL GROWTH FUND - Funds are invested in a
          diversified portfolio of stock of companies located mainly outside
of the United States.                                   

      PUTNAM INVESTORS FUND - Invests primarily in "blue chips," the
         stocks of large, well-established companies selected from a broad
range of industries.                                    

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   PUTNAM VISTA FUND - Invests mostly in the stocks of midsize
companies.                                              

       FIDELITY EQUITY INCOME FUND - Invests primarily in out-of-favor
stocks with above average dividend yields.              

      PARTICIPANT LOANS - Participants may borrow up to the lesser of $50,000 or
    50% of their vested account balance, subject to certain restrictions, in
   accordance with interest rates of one percent plus prime established by
the Plan. Loan transactions are treated as a transfer between the   
investment fund and the loan fund.                                  

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                

  ACCOUNTING BASIS - The Plan's financial statements are prepared on the
accrual basis of accounting.                                        

     INVESTMENT VALUATION - Investments of the Plan are carried at fair value,
    which is market value for all investment accounts. Participant loans are
valued at cost which approximates fair value.                       

    CONTRIBUTIONS - Employee contributions are recorded in the period during
  which the Company makes payroll deductions from the Plan participants'
earnings. Company contributions are recorded at the same time as the
participant contributions in accordance with the Plan agreement.    

     BENEFITS - Benefit claims are recorded by the trustee when they have been
approved for payment and paid by the Plan.                          

    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 certain 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 revenues and expenses during the reporting
period. Actual results could differ from those estimates.           

     RECLASSIFICATIONS - Certain reclassifications have been made to the prior
  year financial statements to conform to the current year presentation.

3.    INVESTMENTS EXCEEDING 5% OF NET ASSETS                                    

   The following investments represent 5% or more of the Plan's net assets
  available for benefits as of December 31, 2001 and 2000, respectively:

                                                                [Download Table]

                                               2001              2000  

                                                                       
Neuberger & Berman Genesis Trust          $ 31,041,706     $ 18,530,409
Signature Stable Value Fund                170,015,605       60,504,859
Putnam S&P 500 Index Fund                   60,496,151       29,841,354
Putnam Asset Allocation Balanced Fund       44,832,939       18,695,115
Putnam International Growth Fund                    --       18,432,933
Putnam Investors Fund                       36,284,618       48,560,430
Fidelity Equity Income Fund                 86,870,961       50,412,970
Participant Loans                           33,494,305       15,974,516

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4.    TAX STATUS                                                                

   The Internal Revenue Service has determined and informed the Company by
letter dated September 6, 1995 that the Plan and related trust are  
   designed in accordance with applicable sections of the Internal Revenue
      Code (IRC). The Plan Administrator and the Plan's tax counsel believe that
   the Plan is designed and is currently being operated in compliance with
the applicable requirements of the IRC.                             

5.    RELATED PARTY TRANSACTIONS                                                

    Certain Plan investments are in funds managed by Putnam Investments, the
 Plan trustee. In addition, the Plan invests in the subordinate voting
 shares of Quebecor World Inc., the parent of the Sponsor, through the
Quebecor World Inc. Stock Fund as well as participant loans. These  
transactions qualify as party-in-interest transactions.             

6.    PLAN TERMINATION                                                          

     Although it has not expressed any intention to do so, the Company has the
    right under the Plan to terminate the Plan subject to the provisions set
forth in ERISA. In the event of plan termination, participants will 
     receive a distribution in accordance with the terms and conditions of the
Plan agreement.                                                     

******

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QUEBECOR WORLD (USA) INC. 401(k) PLAN                                                                                            

SCHEDULE H, PART VI, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES                                                   
DECEMBER 31, 2001                                                                                                                
---------------------------------------------------------------------------------------------------------------------------------

(a)                        (b)                                                (c)                          (d)          (e)      
               IDENTITY OF ISSUE, BORROWER,                              DESCRIPTION OF                    COST       CURRENT    
                 LESSOR, OR SIMILAR PARTY                                  INVESTMENT                                  VALUE     

                                                                                                                                 
*          Putnam Fiduciary Trust Company                  Neuberger & Berman Genesis Trust                 **      $ 31,041,706 
*          Putnam Fiduciary Trust Company                  Signature Stable Value Fund                      **       170,015,605 
*          Putnam Fiduciary Trust Company                  Putnam S&P 500 Index Fund                        **        60,496,151 
*          National Financial Services Corporation         Quebecor World Inc. Stock Fund                   **         3,675,866 
*          Putnam Fiduciary Trust Company                  Janus Worldwide Fund                             **        21,472,172 
*          Putnam Fiduciary Trust Company                  Pimco Total Return Fund                          **        20,954,448 
*          Putnam Fiduciary Trust Company                  Putnam Asset Allocation Growth Fund              **         1,030,870 
*          Putnam Fiduciary Trust Company                  Putnam Asset Allocation Balanced Fund            **        44,832,939 
*          Putnam Fiduciary Trust Company                  Putnam Asset Allocation Conservative Fund        **           948,897 
*          Putnam Fiduciary Trust Company                  Putnam OTC Emerging Growth Fund                  **        12,617,183 
*          Putnam Fiduciary Trust Company                  Putnam International Growth Fund                 **        14,382,217 
*          Putnam Fiduciary Trust Company                  Putnam Investors Fund                            **        36,284,618 
*          Putnam Fiduciary Trust Company                  Putnam Vista Fund                                **         5,442,770 
*          Putnam Fiduciary Trust Company                  Fidelity Equity Income Fund                      **        86,870,961 
*          Putnam Fiduciary Trust Company                  Cash                                             **            17,456 
*          Participant Loans                               Participant Loans                                **        33,494,305 
                                                                                                                    ------------ 

           TOTAL INVESTMENTS                                                                                        $543,578,164 
                                                                                                                    ============ 

*          Party-in-interest as defined by ERISA.                               

**         In column (d), cost information may be omitted with respect to       
 participant or beneficiary directed transactions under an
individual account plan.                                

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustee
(or other persons who administer the employee benefit plan) has duly caused this
report to be signed on its behalf by the undersigned thereunto duly authorized. 

                                           QUEBECOR WORLD (USA) INC. 401(K) PLAN

Date:  July 1, 2002                            By:    /s/ SHARI DAVIDSON        
                                                  ------------------------------
                                          Shari Davidson
                                              Plan Administrator

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘11-K’ Filing	Date	First	Last	Other Filings

Filed on:	7/1/02	13
	6/14/02	5
For Period End:	12/31/01	2	12
	12/20/01	8
	7/1/01	8
	1/1/01	8	9
	12/31/00	3	10	11-K
	10/3/00	8
	9/6/95	11
				List all Filings

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Quebecor World USA Inc – ‘11-K’ for 12/31/01

On: Monday, 7/1/02, at 3:11pm ET · For: 12/31/01 · Accession #: 912057-2-26053 · File #: 33-01137-04

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Annual Report of an Employee Stock Purchase, Savings or Similar Plan — Form 11-K
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11-K — Annual Report of an Employee Stock Purchase, Savings or Similar Plan
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