Summary
This 8-K filing by Bank of America Corporation (BAC) on June 22, 2001, addresses an immaterial, inadvertent error discovered in Note Fifteen of its previously filed 2000 Form 10-K. The correction pertains to the disclosure of contributions made by the Corporation for employee benefit plans, specifically regarding cash and stock utilized to purchase the Corporation's common stock. While the error is deemed immaterial, it's important for investors to understand that such disclosures are subject to scrutiny. The corrected sentence clarifies the amounts contributed in 2000, 1999, and 1998 ($163 million, $191 million, and $238 million, respectively). These contributions were primarily used for stock repurchases under employee plans. This filing ensures the accuracy of financial reporting and demonstrates the company's commitment to transparency, even for minor adjustments.
Key Highlights
- 1Correction of an immaterial inadvertent error in the consolidated financial statements for the year ended December 31, 2000.
- 2The error was identified in Note Fifteen of the previously filed Form 10-K.
- 3The correction clarifies the amount of cash and stock contributed by the Corporation for employee benefit plans.
- 4Contributions for 2000, 1999, and 1998 were approximately $163 million, $191 million, and $238 million, respectively.
- 5These contributions were primarily utilized to purchase the Corporation's common stock under employee plans.
- 6The filing emphasizes the immaterial nature of the error.
- 7Marc D. Oken, Executive Vice President and Principal Financial Officer, signed the report.