United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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[X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934 For the Fiscal Year Ended December 31, 2000
OR
[ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange Act
of 1934
Commission file number 1-8422
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A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Countrywide Credit Industries, Inc. Tax Deferred Savings
And Investment Plan
c/o Countrywide Credit Industries, Inc.
Human Resources: Benefits Department
MSN: RM-56
1515 Walnut Grove Avenue
Rosemead, CA 91770-3710
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Countrywide Credit Industries, Inc.
4500 Park Granada
Calabasas, CA 91302
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Plan Administrator has duly caused this annual report to be signed on its behalf
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by the undersigned thereunto duly authorized.
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
/S/ Angelo R. Mozilo
Chairman, Chief Executive Officer and President
Countrywide Credit Industries, Inc.
Date: June 28, 2000
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Financial Statements and Report of
Independent Certified Public Accountants
COUNTRYWIDE CREDIT INDUSTRIES, INC.
TAX DEFERRED SAVINGS AND INVESTMENT PLAN
December 31, 2000 and 1999
C O N T E N T S
Page
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 3
FINANCIAL STATEMENTS
STATEMENTS OF NET ASSETS AVAILABLE FOR
BENEFITS - DECEMBER 31, 2000 and 1999 4
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - YEAR ENDED DECEMBER
31, 2000 5
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - YEAR ENDED DECEMBER
31, 1999 6
NOTES TO FINANCIAL STATEMENTS 7
SUPPLEMENTAL SCHEDULE REQUIRED BY FORM 5500
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - DECEMBER 31, 2000
14
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
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Trustees
Countrywide Credit Industries, Inc. Tax Deferred Savings and Investment Plan
We have audited the accompanying statements of net assets available for benefits of Countrywide Credit
Industries, Inc. Tax Deferred Savings and Investment Plan as of December 31, 2000 and 1999 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 Countrywide Credit Industries, Inc. Tax Deferred Savings and Investment Plan as
of December 31, 2000 and 1999 and the changes in those net assets for the years then ended in conformity with
accounting principles generally accepted in the United States of America.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.
The supplemental schedule of assets held for investment purposes as of December 31, 2000 is presented for
purposes 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. This supplementary schedule is the responsibility of the Plan's
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
basic financial statements taken as a whole.
Los Angeles, California
May 18, 2001
The accompanying notes are an integral part of these statements.
4
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(Dollar amounts in thousands)
December 31,
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2000 1999
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Investments
Participant directed investments $118,611 $112,532
Countrywide Credit Industries Inc. Common Stock * 67,204 28,370
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Total investments 185,815 140,902
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Receivables:
Employer's contribution 1,667 2,057
Participants' contribution 1,084 836
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Total receivables 2,751 2,893
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Net assets available for benefits $188,566 $143,795
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================= ===============
* Party-in-interest
The accompanying notes are an integral part of this statement.
8
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2000
(Dollar amounts in thousands)
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 1999
(Dollar amounts in thousands)
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
14
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS
7
NOTE A - DESCRIPTION OF PLAN
The following description of the Countrywide Credit Industries, Inc. (the Company) Tax Deferred Savings
and Investment Plan (the Plan) provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
1. General
-------
The Plan is a defined contribution plan covering all full-time employees of the Company who have completed
at least three months of service and are age 21 or older. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
2. Contributions
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Each year, participants may contribute up to 16 percent of pretax annual compensation, as defined in the
Plan. Participants may also contribute, at the discretion of the Plan administrator, amounts representing
distributions from other qualified defined benefit or contribution plans. The Company makes a
discretionary matching contribution equal to 50 percent of the participant contributions up to a maximum
of 6 percent of the participants' base compensation, as defined in the Plan. Contributions are subject to
certain limitations.
3. Participant Accounts
--------------------
Each participant's account is credited with the participant's contribution, discretionary matching
contribution and an allocation of Plan earnings. Allocations of Plan earnings are based on account
balances. The benefit to which a participant is entitled is the benefit that can be provided from the
participant's vested account.
4. Vesting
-------
Participants are immediately vested in their voluntary contributions plus actual earnings thereon.
Vesting in the Company's discretionary matching contribution portion of their accounts plus actual
earnings thereon is based on years of continuous service. Participants begin vesting in Company
contributions after one year of credited service and are fully vested after five years of credited service.
NOTE A - DESCRIPTION OF PLAN - Continued
5. Investment Options
---------------------
Upon enrollment in the Plan, a participant may direct employee contributions in one percent increments in
any of the thirteen investment options.
1. Scudder Income Fund - Funds are generally invested in corporate bonds, convertible bonds and
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government securities. The primary earnings focus is on long-term interest income.
2. Scudder Growth & Income Fund - Funds are generally invested in common and preferred stocks that
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have historically paid dividends. The primary earnings focus is on capital appreciation and
dividends.
3. Scudder International Fund - Funds are generally invested in a diversified portfolio of foreign
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stocks. The primary earnings focus is on capital appreciation with a diversified portfolio to
hedge against currency fluctuation risk.
4. Scudder Stock Index Fund - Funds are invested in Standard and Poor's 500 stocks or in other
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mutual funds that mirror the S&P 500. The primary earnings focus is on capital appreciation.
5. IDS Mutual Fund - Funds are generally invested in a combination of long-term equities, a majority
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of which are in common stocks, and the remainder in preferred stocks, bonds and other debentures.
The primary earnings focus is on long-term income.
6. IDS New Dimensions Fund - Funds are generally invested in stocks of companies that have the
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potential for significant growth based on technological or economic changes. The primary earnings
focus is on capital appreciation.
7. Touchstone Utility Fund - Funds are invested in securities of the public utilities. The primary earnings
- ----------------------------
focus is on short-term interest income.
NOTE A DESCRIPTION ON PLAN-Continued
8. Touchstone Adjustable Rate U.S. Government Securities Fund - Funds are invested primarily in
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mortgage-related securities, created from pools of adjustable-rate mortgages whose principal and
interest are guaranteed by the U.S. government, its agencies or instrumentalities. The primary
earnings focus is on short-term interest income.
9. Touchstone Institutional Government Income Fund - Funds are invested in short-term obligations
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issued or guaranteed as to principal and interest by the U.S. government, its agencies or
instrumentalities. The primary earnings focus is on short-term income consistent with protection
of capital.
10. Touchstone Equity Fund - Funds are invested primarily in common stocks that have historically
-----------------------
paid dividends. The primary earnings focus is on capital appreciation and dividends.
11. Touchstone Intermediate Term Government Income Fund - Funds are invested in a portfolio of
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intermediate-term U.S. government obligations. The primary earnings focus is on short-term
income consistent with protection of capital.
12. Touchstone Aggressive Growth Fund - Funds are invested in common stocks and other equity
------------------------------------
securities, targeting growth companies of various sizes. The primary earnings focus is on
long-term capital appreciation.
13. Touchstone Growth and Value Fund - Funds are invested in common stocks and other equity
------------------------------------
securities. The primary earnings focus is on long-term capital appreciation.
14. Countrywide Credit Industries, Inc. Common Stock - Funds are invested in Countrywide Common
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Stock. Up to 50% of a Participant's balance in the Plan, at the time of investment, may be
invested in this fund. The Trustee will use such contributions to purchase on the open market
shares of Countrywide Common Stock. Purchases and sales will be made periodically during any
trading day and all purchases and sales of shares of Countrywide Common Stock will be made by the
Trustee at the then prevailing market prices. Transactions will be effected for Participants in
the order in which their requests are received. Ordinarily transactions will be effected on the
day the request is received. However, transactions may be effected on subsequent days if the
Trustee is unable to effect the transaction on the date the request is received or otherwise
determines it is appropriate to do so. Participant accounts will be charged for the brokerage
costs and related fees incurred in connection with purchases and sales of shares of Countrywide
Common Stock.
Participants may change their investment options at any time.
NOTE A - DESCRIPTION OF PLAN - Continued
6. Participant Loans Receivable
----------------------------
Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of
$50,000 or 50 percent of their total vested account balances. Loan terms may range up to 5 years, and
may exceed 5 years, for the purchase of a primary residence. The loans are secured by the balance in
the participant's account and bear interest at a rate commensurate with local prevailing rates as
determined by the Plan administrator. Current interest rates of participant loans receivable range
from 8 percent to 12 percent. Principal and interest is paid ratably through semi-monthly payroll
deductions.
7. Payment of Benefits
-------------------
On termination of service before the normal retirement age of 65, a participant may elect to defer
distribution until normal retirement age or receive a lump sum payment equal to the vested share of
the participant's account. However, if the participant's total vested benefit value is less than
$5,000, the Plan administrator shall direct the trustee to cause the entire vested benefit to be paid
to such participant in a lump sum.
On termination of service due to death, disability or normal retirement, participants may elect to
receive a lump sum amount equal to the value of the participant's vested interest in his or her
account.
8. Forfeited Accounts
------------------
Forfeited nonvested accounts totaled $616,000 for the year ended December 31, 2000. These accounts
were used to reduce the employer's contribution.
NOTE B - SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting
-------------------
The financial statements of the Plan are prepared under the accrual method of accounting. Administrative
expenses are paid by the employer.
Investment Valuation and Income Recognition
-------------------------------------------
The Plan's investments are stated at fair value. Shares of registered investment companies are valued at
quoted market prices which represent the net asset value of shares held by the Plan at year-end. The
Company stock is valued at its quoted market price. Participant loans receivable are valued at cost which
approximates fair value.
Payment of Benefits
-------------------
Benefits are recorded when paid.
Use of Estimates in Preparing Financial Statements
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In preparing financial statements in conformity with generally accepted accounting principles, management is
required to make estimates and assumptions that affect the reported amounts of 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.
NOTE C - INVESTMENTS
The Plan's investments are held in a trust fund administered by Scudder Trust Company. The fair values of
investments that represented 5 percent or more of the Plan's net assets consisted of the following:
Fair Value
---------------------------------
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2000 1999
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(Dollar amount in thousands)
Scudder Trust Company
Scudder Growth&Income Fund Mutual Fund $ 20,370 $ 21,262
Scudder International Fund Mutual Fund 10,643 12,217
Scudder Stock Index Fund Common Collective Trust 18,775 18,825
IDS New Dimensions Fund Mutual Fund 17,845 18,207
Touchstone Institutional Government
Income Fund Money Market Fund 11,692 10,648
Countrywide Credit Industries, Inc.
Common stock * Stock 67,204 28,386
Other Various 39,286 31,357
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Total investments
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============== =============
* Nonparticipant-directed
NOTE C - INVESTMENTS - Continued
Subsequent to December 31, 2000, the investments held by the Company may have experienced a decline in
value due to market conditions. The investments are subject to inherent market risk; therefore, the value
may continually fluctuate to reflect current market conditions.
NOTE D - RELATED PARTY TRANSACTION
Certain Plan investments are shares of mutual funds that were managed by a wholly-owned subsidiary of the
Company, that was sold on October 29, 1999.
NOTE E - PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue
its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event
of Plan termination, participants will become 100 percent vested in their accounts.
NOTE F - TAX STATUS
The Internal Revenue Service has determined and informed the Company by a letter dated June 10, 1993, that
the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue
Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan
administrator believes that the Plan is designed and is currently being operated in compliance with the
applicable requirements of the IRC.
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1993 and 1992
12
SUPPLEMENTAL SCHEDULE
REQUIRED BY FORM 5500
15
16
Countrywide Credit Industries, Inc.
Tax Deferred Savings and Investment Plan
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 2000
(Dollar amounts in thousands)
Description Current
Identity of Investment of Investment Cost Value
- ------------------------------------------------------ --------------------------------- ------------- -------------
Scudder Income Fund Mutual Fund $ 7,602 $ 7,403
Scudder Growth &Income Fund Mutual Fund 21,393 20,370
Scudder U.S. Treasury Money Fund Money Market Fund 117 117
Scudder Cash Investment Trust Money Market Fund 108 108
Scudder International Fund Mutual Fund 11,262 10,643
Scudder Stock Index Fund Common Collective Trust 15,368 18,775
IDS Mutual Fund Mutual Fund 7,155 6,057
IDS New Dimensions Fund Mutual Fund 16,895 17,845
Touchstone Utility Fund Mutual Fund 1,736 1,579
Touchstone Institutional Government
Income Fund Money Market Fund 11,692 11,692
Touchstone Equity Fund Mutual Fund 2,462 1,921
Touchstone Intermediate Term
Government Income Fund Mutual Fund 808 818
Touchstone Aggressive Growth Fund Mutual Fund 7,894 7,151
Touchstone Growth and Value Fund Mutual Fund 6,384 6,819
Countrywide Credit Industries Inc.,
Common stock Stock 52,490 67,204
Participant loans receivable Participants' loans 7,313 7,313
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Total assets held for investment purposes $170,679 $185,815
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17
