The Home Depot, Inc. (HD) 11-K Annual report of employee stock purchases

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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)

/x/
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].

For the fiscal year ended December 31, 2000

OR

/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED].

For the transition period from               to               

Commission file number 1-8207

Full title of the plan and the address of the plan, if different from that of the issuer named below:

The Home Depot FutureBuilder

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

The Home Depot, Inc., 2455 Paces Ferry Road, NW, Atlanta, GA 30339

THE HOME DEPOT FUTUREBUILDER

Table of Contents

	Page
Independent Auditors' Report	1
Statements of Net Assets Available for Benefits	2
Statements of Changes in Net Assets Available for Benefits	3
Notes to Financial Statements	4
Schedule of Assets Held for Investment Purposes	10

Independent Auditors' Report

The Administrative Committee
The Home Depot FutureBuilder:

    We have audited the accompanying statements of net assets available for benefits of The Home Depot FutureBuilder (the "Plan") as of December 31, 2000, 1999, and 1998 and the related statements of changes in net assets available for benefits for each of the years in the three-year period ended December 31, 2000. These financial statements are the responsibility of the Plan's Administrative Committee. 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 the Plan's Administrative Committee, 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 Home Depot FutureBuilder at December 31, 2000, 1999, and 1998, and the changes in net assets available for benefits for each of the years in the three-year period ended December 31, 2000 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 supplementary information included in Schedule 1 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. This supplemental schedule is the responsibility of the Plan's Administrative Committee. The supplemental schedule has been subjected to the auditing procedures applied in the audit 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.

June 4, 2001
Atlanta, Georgia

THE HOME DEPOT FUTUREBUILDER

Statements of Net Assets Available for Benefits

December 31, 2000, 1999, and 1998

			2000		1999	1998
Assets:
	Cash and cash equivalents		$	30,132,713	49,364,005	28,408,418
	Investments (note 5)			1,716,554,074	2,393,446,301	1,412,904,339
				1,746,686,787	2,442,810,306	1,441,312,757
Receivables:
	Employer contributions receivable			—	—	6,913,263
	Participant loans receivable			58,339,212	38,266,706	19,397,904
	Other receivable			280,007	749,486	146,641
		Total receivables		58,619,219	39,016,192	26,457,808
		Total assets		1,805,306,006	2,481,826,498	1,467,770,565
Liabilities:
	Accrued liabilities			160,512	355,724	553,163
	Other payable			96,977	636,670	494,967
		Total liabilities		257,489	992,394	1,048,130
		Net assets available for benefits	$	1,805,048,517	2,480,834,104	1,466,722,435

See accompanying notes to financial statements.

2

THE HOME DEPOT FUTUREBUILDER

Statements of Changes in Net Assets Available for Benefits

Years ended December 31, 2000, 1999, and 1998

				2000			1999	1998
Additions to net assets attributed to:
	Investment income:
		Realized gain on sale or distribution of common stock of The Home Depot, Inc.		$	69,624,095		46,416,984	12,558,447
		Realized gain on sale of shares of registered investment companies			18,740,198		8,295,525	4,178,694
		Net unrealized (depreciation) appreciation in fair value of investments (note 5)			(854,909,344	)	880,597,712	659,591,800
		Interest income			4,764,443		13,898,916	1,031,654
		Dividends			6,709,657		3,608,370	7,821,045
			Total investment (loss) income		(755,070,951	)	952,817,507	685,181,640
	Contributions:
		Participants'			163,948,617		120,578,245	85,298,480
		Employer's			58,772,591		58,786,276	38,328,001
			Total contributions		222,721,208		179,364,521	123,626,481
			Total (reductions) additions		(532,349,743	)	1,132,182,028	808,808,121
Deductions from net assets attributed to:
	Benefits paid to participants				137,745,447		114,284,453	57,872,186
	Administrative expenses				5,690,397		3,785,906	2,647,169
			Total deductions		143,435,844		118,070,359	60,519,355
			Net (decrease) increase		(675,785,587	)	1,014,111,669	748,288,766
Net assets available for benefits:
	Beginning of year				2,480,834,104		1,466,722,435	718,433,669
	End of year			$	1,805,048,517		2,480,834,104	1,466,722,435

See accompanying notes to financial statements.

3

THE HOME DEPOT FUTUREBUILDER

Notes to Financial Statements

December 31, 2000, 1999, and 1998

(1) Description of the Plan

The following is a brief description of The Home Depot FutureBuilder (the "Plan"). Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

(a) General

The Plan is a defined contribution plan covering substantially all employees of The Home Depot, Inc. and subsidiaries (the "Company"). Employees are eligible to become participants on the first quarterly entry date (January 1, April 1, July 1, and October 1) following the completion of one year of service. The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

(b) Contributions

Under the employee stock ownership portion of the Plan, contributions were made solely by the Company and at the discretion of the Company's Board of Directors ("ESOP contributions"). During February 1999, the Company made its final ESOP contribution and increased its matching percentage contributions to the 401(k) Plan.

Under the 401(k) portion of the Plan, participants may contribute up to 15% of pretax annual compensation, as defined in the Plan. Participants may also contribute amounts representing distributions from other qualified defined benefit plans or contribution plans. The Company provides matching contributions of 150% of the first 1% of base compensation contributed by a participant and 50% of the next 2% to 5% of base compensation contributed by a participant. Additional amounts may be contributed at the option of the Company's Board of Directors. The matching Company contribution is invested directly in Home Depot common stock. Contributions are subject to certain limitations.

(c) Participant Accounts

The Plan maintains a separate account for each participant, to which contributions, forfeitures, and investment performance are allocated.

(d) Vesting

An employee becomes 100% vested upon death, reaching retirement age 65, total or permanent disability, or if the Plan is terminated. If an employee leaves the service of the Company for reasons other than stated above, vesting for the ESOP contributions and earnings thereon is based on years of service, as follows:

Years of service	Vesting percentage
3	20	%
4	40
5	60
6	80
7 or more	100

4

Under the 401(k) portion of the Plan, participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's matching and discretionary contributions plus actual earnings thereon is based on years of vesting service. A participant is 100% vested after three years of vesting service.

(e) Payment of Benefits

Upon retirement, death, disability, or termination of service for any other reason, participants may elect to receive a lump-sum payment of their vested account balance in the form of cash or securities at the market value on the date of distribution.

(f) Participant Loans Receivable

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lessor of $50,000 or 50% of their account balance. Loan terms range from one to five years. The loans bear interest at a rate commensurate with local prevailing rates.

(g) Forfeited Accounts

Forfeited nonvested accounts are used to first reduce Plan expenses and then to reduce future employer contributions. In 2000, $6,100,000 in forfeitures were used to reduce Plan expenses.

(2) Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Plan in preparing its financial statements.

(a) General

The Plan is administered by an Administrative Committee made up of employees of the Company. Effective April 2000, the Plan changed the trustee of the Plan from Wachovia Bank of Georgia, N.A. to Northern Trust. The Trustee holds, controls, manages, and administers the assets of the Plan.

(b) Basis of Presentation

The accompanying financial statements have been prepared on the accrual basis of accounting.

(c) 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 represents the net asset value of shares held by the Plan at year-end. The Company common stock is valued at its quoted market price as obtained from the New York Stock Exchange. Securities transactions are accounted for on the trade date. Share amounts related to the Company's common stock have been adjusted for a three-for-two stock split effected in the form of a stock dividend on December 30, 1999 and a two-for-one stock split effected in the form of a stock dividend on July 2, 1998. The

5

investment in the Northern Trust Fund is reported at fair value as determined by The Northern Trust Company based on the quoted market prices of the securities in the fund.

The Plan also invests in highly liquid, short-term investments which consist primarily of money market funds.

(d) 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

(e) Reclassifications

Certain balances in prior years have been reclassified to conform with the current year presentation.

(3) Federal Income Taxes

The Internal Revenue Service has determined and informed the Company by a letter dated September 4, 1997 that the Plan is designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). The Plan has been amended since receiving the determination letter. However, the Administrative Committee of the Plan believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

(4) 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 terminate the Plan subject to provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts.

(5) Investments

The Plan's investments are held by the Trustee of the Plan, The Northern Trust Company. A description of the assets of the Plan follows:

Participant Directed

•

Primco JRT Stable Fund—Funds are primarily invested in short-term debt obligations that mature within one to three years.



•

Barclay's Global Investors Fund—Funds are invested in shares of a registered investment company that invests in the common stocks included in the Standard & Poor's 500 Index.

6

•

Putnam New Opportunities Fund—Funds are invested in shares of a registered investment company that invests primarily in common stocks which are believed to have the potential to grow at an above-average pace over time.



•

Templeton Foreign Fund—Funds are invested in shares of a registered investment company that invests in stocks and debt obligations of companies and governments outside the U.S.



•

Invesco Value Trust Fund—Funds are invested in shares of a registered investment company that invests in bonds, common stocks, and high-quality short-term to intermediate-term debt obligations.



•

The Home Depot Stock Fund—Funds are invested in common stock of The Home Depot, Inc.

The fair value of individual investments that represent 5.0% or more of the Plan's net assets are as follows:

	2000		1999	1998
The Home Depot Stock Fund	$	406,412,682	437,755,450	133,487,420
The Home Depot, Inc. Common Stock*		1,105,700,274	1,759,867,725	1,151,069,495
Putnam New Opportunities Fund		91,301,261	99,088,489	54,400,853

*

Nonparticipant directed

Investments in the Putnam New Opportunities Fund did not exceed 5.0% of the Plan's net assets at December 31, 1999 and 1998.

During 2000, 1999, and 1998, the Plan's investments (depreciated) appreciated in value as follows:

			2000			1999	1998
Net unrealized (depreciation) appreciation in fair market value:
	Registered investment funds		$	(63,335,045	)	35,600,891	11,442,284
	Common stock			(791,574,299	)	844,996,821	648,149,516
		Net change in fair market value	$	(854,909,344	)	880,597,712	659,591,800

Non-Participant Directed

The Home Depot, Inc. Common Stock—Comprised of shares of The Home Depot's common stock, representing the Company's matching and ESOP contributions. During February 1999, the Company made its final contribution to the ESOP, which was originally established during fiscal year 1998. These shares have been allocated to individual participant accounts. Participants may immediately transfer the Company's matching contributions to other investment funds. Each participant who has completed five years of service and attained the age of 55 may transfer ESOP contributions to other investment funds. Information about the net assets and the significant

7

components of the changes in net assets relating to the nonparticipant-directed investments is as follows:

		2000			1999		1998
Net assets—The Home Depot, Inc.
	Common Stock	$	1,105,700,274		1,759,867,725		1,151,069,495
Changes in net assets:
	Net (depreciation) appreciation	$	(575,403,958	)	591,706,121		589,567,114
	Contributions		—		64,510,953		41,954,541
	Benefits paid to participants		(78,763,493	)	(47,418,844	)	(47,332,316	)
		$	(654,167,451	)	608,798,230		584,189,339

(6) Investment in Master Trust

Effective December 15, 1999, a Master Trust was established for the investment of assets of the Plan and another company-sponsored retirement plan for the Maintenance Warehouse, a wholly owned subsidiary of the Company. At December 31, 2000, the Plan's interest in the net assets of the Master Trust was approximately 99%.

Summarized financial information of the Master Trust as of December 31, 2000 is as follows:

Assets:
	Cash		$	30,132,713
	Investments			1,726,018,494
Receivables:
	Employer contributions receivable			839,221
	Participant loans receivable			58,920,042
	Other receivable			327,687
		Total receivables		60,086,950
		Total assets		1,816,238,157
Liabilities:
	Accrued liabilities			160,512
	Other payable			96,977
		Total liabilities		257,489
		Net assets available for benefits	$	1,815,980,668

8

Investment income and expenses are allocated to each plan based upon its pro-rata share in the net assets of the Master Trust. Investment income for the Master Trust for the year ended December 31, 2000 is as follows:

Investment income:
	Realized gain on sale or distribution of common stock of The Home Depot, Inc.		$	69,624,095
	Realized gain on sale of shares of registered investment companies			18,740,198
	Net unrealized depreciation in fair value of investments			(857,708,413	)
	Dividends and interest income			11,525,344
		Total	$	(757,818,776	)

9

Schedule 1

THE HOME DEPOT FUTUREBUILDER

Schedule of Assets Held for Investment Purposes

December 31, 2000

Identity of issue		Description of investment	Current value
*The Home Depot, Inc. common stock		24,201,374 shares of common stock	$	1,105,700,274
*The Home Depot Stock Fund		8,895,490 shares of common stock		406,412,682
Barclay's Global Investors Fund		1,411,966 shares of registered investment company		52,172,152
Invesco Value Trust Fund		955,885 shares of registered investment company		25,264,039
Putnam New Opportunities Fund		1,557,510 shares of registered investment company		91,301,261
Templeton Foreign Fund		1,828,076 shares of registered investment company		18,902,301
Primco JRT Stable Fund		16,801,365 shares of registered investment company		16,801,365
	Total investments		$	1,716,554,074

*

Indicates party-in-interest to the Plan.

10

Schedule 1

THE HOME DEPOT FUTUREBUILDER

Schedule of Assets Held for Investment Purposes

December 31, 1999

Identity of issue		Description of investment	Current value
*The Home Depot, Inc. common stock		25,598,076 shares of common stock	$	1,759,867,725
*The Home Depot Stock Fund		6,367,352 shares of common stock		437,755,450
Barclay's Global Investors Fund		1,148,890 shares of registered investment company		46,714,658
Invesco Value Trust Fund		782,523 shares of registered investment company		22,661,860
Putnam New Opportunities Fund		1,089,363 shares of registered investment company		99,088,489
Templeton Foreign Fund		1,405,218 shares of registered investment company		15,766,543
Primco JRT Stable Fund		11,591,576 shares of registered investment company		11,591,576
	Total investments		$	2,393,446,301

*

Indicates party-in-interest to the Plan.

11

Schedule 1

THE HOME DEPOT FUTUREBUILDER

Schedule of Assets Held for Investment Purposes

December 31, 1998

Identity of issue		Description of investment	Current value
*The Home Depot, Inc. common stock		18,814,474 shares of common stock	$	1,151,069,495
*The Home Depot Stock Fund		2,179,305 shares of common stock		133,487,420
Dimensional Fixed Income Fund		927,750 shares of registered investment company		9,388,834
Barclay's Global Investors Fund		1,020,345 shares of registered investment company		34,286,478
Invesco Value Trust Fund		643,516 shares of registered investment company		20,180,662
Putnam New Opportunities Fund		931,043 shares of registered investment company		54,400,853
Templeton Foreign Fund		1,202,693 shares of registered investment company		10,090,597
	Total investments		$	1,412,904,339

*

Indicates party-in-interest to the Plan.

12

SIGNATURES

    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.

	THE HOME DEPOT FUTUREBUILDER
Date: June 27, 2001	/s/ LAWRENCE A. SMITH   By: Lawrence A. Smith Member, Administrative Committee

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Table of Contents
Independent Auditors' Report
THE HOME DEPOT FUTUREBUILDER Statements of Net Assets Available for Benefits December 31, 2000, 1999, and 1998
THE HOME DEPOT FUTUREBUILDER Statements of Changes in Net Assets Available for Benefits Years ended December 31, 2000, 1999, and 1998
THE HOME DEPOT FUTUREBUILDER Notes to Financial Statements December 31, 2000, 1999, and 1998
THE HOME DEPOT FUTUREBUILDER Schedule of Assets Held for Investment Purposes December 31, 2000
THE HOME DEPOT FUTUREBUILDER Schedule of Assets Held for Investment Purposes December 31, 1999
THE HOME DEPOT FUTUREBUILDER Schedule of Assets Held for Investment Purposes December 31, 1998
SIGNATURES