11-K 1 d123632d11k.htm 11-K 11-K
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SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 11-K

 

 

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

 

 

ERICSSON US 401(k) Plan

(Title of the Plan)

 

 

ERICSSON INC

Formerly Anaconda-Ericsson Inc. and Ericsson North America Inc.

 

 

6300 Legacy Drive

Plano, TX 75024

(Name and address of principal executive offices of the employer sponsoring the Plan)

 

 

TELEFONAKTIEBOLAGET LM ERICSSON

(Exact name of Issuer as specified in its charter)

 

 

LM ERICSSON TELEPHONE COMPANY

(Translation of Issuer’s Name into English)

 

 

Kingdom of Sweden

(Jurisdiction of Incorporation)

(Telefonplan, S-126-25 Stockholm Sweden)

(Name and address of principal executive offices of the Issuer of the securities)

 

 

 


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ERICSSON US 401(k) PLAN

FINANCIAL STATEMENTS, SUPPLEMENTAL

SCHEDULE AND REPORT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

DECEMBER 31, 2020 AND 2019


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ERICSSON US 401(k) PLAN

 

INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

 

   Page  

Report of Independent Registered Public Accounting Firm

     3  

Financial Statements:

  

Statements of Net Assets Available for Benefits at December 31, 2020 and 2019

     5  

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2020

     6  

Notes to Financial Statements as of December 31, 2020 and 2019 and for the Year Ended December  31, 2020

     7  

Supplemental Schedule:

  

Schedule H, line 4i - Schedule of Assets (Held at End of Year) December 31, 2020

     16  


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Tel: 214-969-7007

  

600 North Pearl, Suite 1700

  

Fax: 214-953-0722

  

Dallas, TX 75201

  

www.bdo.com

  

Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Participants

Ericsson US 401(k) Plan    

Plano, Texas

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Ericsson US 401(k) Plan (the “Plan”) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2020 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental 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 information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming

 

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our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

We have served as the Plan’s auditor since 2004.

Dallas, Texas

June 28, 2021

 

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ERICSSON US 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2020 AND 2019

(Thousands of dollars)

 

 

     2020      2019  

Assets

     

Investments

     

Investments, at fair value

   $ 3,189,109      $ 2,853,221  

Investments, at contract value

     343,903        308,858  
  

 

 

    

 

 

 

Total investments

     3,533,012        3,162,079  
  

 

 

    

 

 

 

Receivables

     

Notes receivable from participants

     13,536        14,549  

Participant’s contributions receivable

     13        —    

Employer’s contributions receivable

     1,445        1,430  

Other receivables

     3,260        775  
  

 

 

    

 

 

 

Total receivables

     18,254        16,754  
  

 

 

    

 

 

 

Total Assets

     3,551,266        3,178,833  
  

 

 

    

 

 

 

Payables

     

Operating and other payables

     2,811        778  
  

 

 

    

 

 

 

Net assets available for benefits

   $ 3,548,455      $ 3,178,055  
  

 

 

    

 

 

 

See accompanying notes to the financial statements.

 

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ERICSSON US 401(k) PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

ADDITIONS

  

Investment income:

  

Net appreciation in fair value of investments

   $ 331,005  

Dividends

     9,073  

Other income

     157,770  
  

 

 

 

Total investment income

     497,848  

Interest on participant notes receivable

     772  

Contributions:

  

Participants

     71,672  

Employer

     50,678  

Rollover

     6,010  
  

 

 

 

Total contributions

     128,360  
  

 

 

 

Total Additions

     626,980  

DEDUCTIONS

  

Benefits paid to participants

     (250,345

Corrective distributions

     (66

Deemed distributions

     (524

Administrative expenses

     (5,645
  

 

 

 

Total Deductions

     (256,580
  

 

 

 

Net increase

     370,400  

Net assets available for benefits:

  

Beginning of year

     3,178,055  
  

 

 

 

End of year

   $ 3,548,455  
  

 

 

 

See accompanying notes to the financial statements.

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

1.

THE PLAN

The following description of the Ericsson US 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provision. The Plan was created by action of the board of directors of Ericsson Inc. (the “Company” or “Ericsson” or the “Employer”) on May 27, 1983, effective July 1, 1983. The Plan is a defined contribution plan and is administered by an administrative committee (the “Committee”) which monitors the investment objectives and performance of the Plan’s individual investment options.

The Plan is a single employer plan.

Effective August 24, 2009, a Master Trust was created to permit the commingling of trust assets of both the Plan and the Ericsson Services 401(k) Plan. On December 28, 2012 the Ericsson Services 401(k) Plan was merged into the Ericsson US 401(k) Plan formerly called the Ericsson Capital Accumulation and Savings Plan. Total assets transferred into the Plan due to the merger were approximately $140,800. Effective July 18, 2016 Great-West Trust (“Trustee”) was made trustee of the Plan and the Master Trust was dissolved. Empower Retirement, the retirement services business of Great-West Financial, is the recordkeeper of the Plan.

Each pay period participant contributions are remitted to the Plan made to the Trustee for investment. There is currently one stable value fund, five mutual funds, seven commingled funds, twelve common collective trusts and two separately managed accounts. In addition, there is a self – directed brokerage account (“SDA”) to which participants may direct their investments. The SDA allows access to a wide variety of mutual funds, stocks and bonds. Brokerage services are provided through the Trustee. Employees interested in SDA can contact Empower or by visiting empower-retirement.com/participant to request an enrollment kit which includes application information or can contact the call center and request an application. Participants can choose these options for their contributions as well as the Company contributions.

Effective January 31, 2019 the CENX, Inc. 401(k) Plan was merged into the Plan. This allowed the CENX, Inc. employees who satisfied the eligibility requirements of the Plan participation in the Plan. Total assets transferred into the Plan due to the merger were approximately $1,272

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The Plan’s financial statements are presented using the accrual method of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and changes therein. Actual results could differ from those estimates.

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

Risks and Uncertainties

The Plan provides for various investment options as described in Note 1. The underlying investments held by the investment options may include stocks, bonds, fixed income securities, mutual funds and other investment securities. Such investments are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities in the near term could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits

The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”) has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which have included the implementation of travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings, have caused material disruption to businesses globally, resulting in increased unemployment, a recession and increased economic uncertainty. These measures have moderated in 2021 as vaccines have become more widely available in the United States and Canada. The duration and impact of the Coronavirus on the overall economy cannot be determined at this time.

Contributions and Contributions Receivables

Contributions are recorded on the accrual method of accounting. Contributions receivable are obligations arising from amounts owed to the Plan from participants or the Employer that have not been included in the Plan’s investments at year end. Contributions receivable are recorded at cost, which approximates their fair value. Total contributions receivable were $1,458 and $1,430 at December 31, 2020 and 2019, respectively.

Valuation of Investments

The Plan’s investments are reported at fair value. At December 31, 2020 and 2019 the Plan held Stable Value Funds which were reported at contract value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). See Note 4 for further discussion of fair value and fair value measurements. See Note 8 for further discussion of investment carried at contract value.

Investment Income

Purchases and sales of the investments within the Plan are reflected on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Other income includes the net appreciation (depreciation), interest and dividends of the investments held in the SDA and separately managed accounts.

Security Transactions

The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation or depreciation in the fair value of its investments which consists of the realized gains

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

and losses and the unrealized appreciation (depreciation) on those investments. Realized gains and losses on security transactions are determined on the trade date (the date the order to buy or sell is executed) as the difference between proceeds received and historical cost. Unrealized gains and losses represent the net change in market value of investments held during the year which are presented at fair value, with adjustments for investments sold.

Upon withdrawal from the Plan, participants invested in Company stock may elect to receive cash or Company stock. Whenever a participant receives stock, the difference between the cost of such stock and the market value on the applicable valuation date is reflected as a realized gain or loss of the Plan. Gains or losses are also realized whenever stocks are sold in satisfaction of the participants’ election to take cash upon withdrawal.

Vesting and Forfeitures

Company and active participants’ capital accumulation contributions, and participants’ savings contributions, and the earnings thereon, are fully and immediately vested, with the exception of non-active participants transferred in from other plans, which continue to be subject to the former plans’ vesting requirements. Accordingly, the forfeiture balance as of December 31, 2020 and 2019 was$1,962 and $2,328, respectively. During 2020, $41 of forfeitures were used to pay Plan administrative expenses.

Expenses of the Plan

Most costs and expenses of the Plan and its administration, including all fees and expenses of the Trustee, are paid by the Company. All taxes, commissions and other charges on purchases, sales and transfers of Company stock and other securities are paid by the Trustee out of the fund or account involved in such purchase or sale. Participants are responsible for their own managed account fees, brokerage fees, and loan fees. A quarterly administrative fee is charged to each participant’s account.

Administration

The Committee is responsible for the general administration of the Plan and for carrying out its provisions. Members of the Committee serve without compensation from the Plan.

The Coronavirus Aid, Relief, and Economic Security Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law. The CARES Act, among other things, includes several relief provisions available to tax-qualified retirement plans and their participants. Plan management has evaluated the relief provisions available to plan participants under the CARES Act and has implemented the following provisions:

 

   

Special coronavirus distributions up to $100,000

 

   

Increase of the available loan amount to the lesser of $100,000 or 100% of the participants vested account balance

 

   

Extended the period for loan repayments up to one year

 

   

Updating the minimum required distribution rules

During 2020, the Plan had special coronavirus distributions in the amount of $11,600.

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

Notes Receivable from Participants

Notes receivables from participants may be granted to participants in an amount not to exceed 50% of the participant’s contribution account. The maximum loan amount is fifty thousand dollars minus the participant’s highest loan balance (if any) during the previous 12 months; the minimum loan amount is one thousand dollars. Loans may be repaid through payroll deductions over a selected period between 12 months and 60 months. An employee is allowed only one loan at a time. If an employee misses payments, he/she will be required to make up the payments and accrued interest immediately. Failure to keep the loan current could result in the loan being classified as a “deemed distribution”, which is taxable income to the employee. Interest on the loan is set at the time of issuance, and the rate is the prime rate plus 1%. At December 31, 2020, interest rates range from 4.25% to 6.50%. Notes receivable from participants are reported at their outstanding principal plus any accrued interest.

Termination Priorities

The Company reserves the right, by action of the board, to amend, suspend or terminate the Plan. In the event that the Plan is terminated or the Company discontinues its contributions, all amounts allocated to the participants’ accounts and all assets held under the Plan will be held for distribution to the participants.

The Company currently has no plans to terminate the Plan.

Benefit Payments

At December 31, 2020 and 2019, there were no benefit claims which had been processed and approved for payment but not yet paid. At Empower Retirement, the recordkeeper of the Plan, benefit payments are determined, paid and taxed to participants based upon the date the check is first processed. For financial statement purposes, benefit payments are recorded when paid.

 

3.

PLAN PARTICIPATION

The Company offers the Plan for eligible U.S. employees to which qualified employees may elect to contribute stated percentages of eligible pay. Participation by eligible employees is voluntary and is defined as any regular salaried or hourly employee who is employed by a participating employer and receives regular compensation in the form of a weekly, biweekly, semi-monthly or monthly salary from an Ericsson U.S. payroll. All eligible employees may immediately participate in the Plan. At December 31, 2020 and 2019, the number of active participants were roughly 6,300 and 6,500, respectively.

Eligible participants may contribute on a pre-tax and/or Roth basis any whole percentage from 1% to 50% of their eligible earnings up to current IRS limits into the Capital Accumulation 401(k) portion of the Plan; participants may also contribute any whole percentage from 1% to 5% of their eligible earnings to the Savings portion on an after-tax basis. The Company contributes 3% of a participant’s eligible pay for employees who are not actively participating in the Company’s Defined Benefit Plan, whether or not the employee contributes. The Company also matches 100% of the first 3% and an additional 50% on the 4th % and 5th % contributed. All employee and Employer contributions are 100% vested immediately.

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

Participants may change their percentage payroll deduction elections at anytime during the year using the web-based Empower Retirement “Retireonline” system. Participants may change investment percentages between funds at any time during the year. Participants may transfer existing fund balances to other available investment options at any time during the year. There are no restrictions on the transfer of investment balances from LM Ericsson Telephone Co. shares of Common Stock to other investment funds.

Each participant’s account is credited with the participant’s contributions, Company contributions and Plan earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Participants may direct the investment of their account balances into various investment options offered by the Plan.

Participants may, at any time, request certain in-service withdrawals in the form of a normal or hardship withdrawal. Normal withdrawals may be requested from the Employee Savings account and Company Savings account for money that has been in the Plan for at least 24 full calendar months. Hardship withdrawals must meet certain requirements including approval by the Committee.

 

4.

FAIR VALUE MEASUREMENTS

The accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in Accounting Standards Codification “ASC” Topic 820; A) Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. B) Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost). C) Income approach: Techniques to convert future amounts to a single present amount based upon market expectation (including present value techniques, option-pricing and excess earnings models).

The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.

Mutual Funds

Mutual funds represent investments with various registered investment managers. The fair values of these investments are determined by reference to the fund’s underlying assets, which are principally marketable equity and fixed income securities. Shares held in mutual funds traded on national securities exchanges are valued at the quoted market price as of December 31, 2020 and 2019 and classified as Level 1 assets.

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

Self-Directed Brokerage Accounts (SDA)

A majority of the SDA accounts include investments in cash and cash equivalents, common stock, and registered investment companies and are classified as Level 2 investments. Cash and cash equivalent investments include cash and short-term interest-bearing investments with initial maturities of three months or less. Such amounts are recorded at cost, plus accrued interest. Common stock traded in active markets on national securities exchanges are valued at closing prices on the last business day of each period presented. Securities traded in markets that are not considered active are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Securities that trade infrequently and therefore have little or no price transparency are valued using the Plan’s investment manager’s best estimates. Mutual funds in registered investment companies are valued as mentioned above.

Commingled Funds and Common Collective Trusts

Valued using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund minus applicable costs and liabilities and then divided by the number of shares outstanding. As these assets are measured at net asset value, they are therefore excluded from the fair value hierarchy and included in other.

Common Stocks

Ericsson Inc. common stock and common stocks held in participant-directed brokerage accounts are stated at fair value as quoted on a recognized securities exchange and are valued at the last reported sales price on the last business day of the Plan year and are classified as Level 1 investments.

Separately Managed Accounts

Self-managed fund consisting of a portfolio of assets under the management of a professional investment firm and primarily valued using prices obtained from independent pricing services and are classified as Level 2 investments.

The following tables provide information about the financial assets carried at fair value on a recurring basis as of December 31, 2020 and 2019.

 

December 31, 2020

   Level 1      Level 2      Level 3      Other (a)      Total  

Mutual funds

   $ 610,854      $ —        $ —        $ —        $ 610,854  

Separately managed accounts

     —          366,212        —          —          366,212  

Ericsson stock fund

     47,931        —          —          —          47,931  

Commingled funds

     —          —          —          1,439,633        1,439,633  

Common collective trusts

     —          —          —          607,836        607,836  

Self-directed brokerage accounts

     —          116,643        —          —          116,643  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total investments at fair value

   $ 658,785      $ 482,855      $ —        $ 2,047,469      $ 3,189,109  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

December 31, 2019

   Level 1      Level 2      Level 3      Other (a)      Total  

Mutual funds

   $ 615,890      $ —        $ —        $ —        $ 615,890  

Separately managed accounts

     —          259,587        —          —          259,587  

Ericsson stock fund

     40,943        —          —          —          40,943  

Commingled funds

     —          —          —          1,320,513        1,320,513  

Common collective trusts

     —          —          —          535,125        535,125  

Self-directed brokerage accounts

     —          81,163        —          —          81,163  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total investments at fair value

   $ 656,833      $ 340,750      $ —        $ 1,855,638      $ 2,853,221  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

- As these assets are measured at net asset value using the practical expedient they are therefore excluded from the fair value hierarchy and included in other.

 

5.

NET ASSET VALUE PER SHARE

The following table for December 31, 2020 and 2019, sets forth a summary of the Plan’s investments with a reported NAV.

 

    Fair Value Estimated Using NAV per Share

Investment

  December 31
2020 Fair Value
(a)
    December 31
2019 Fair Value
(a)
    Unfunded
Commitment
    Redemption
Frequency
  Other
Redemption
Restrictions
  Redemption Notice Period

Asset allocation fund (b)

  $ 607,836     $ 535,125     $ —       Daily   None   Daily

Intermediate-Term Bond (c)

    112,377       107,287       —       Daily   None   Daily

Multiple Investment Trust (d)

    359,828       338,606       —       Daily   None   Daily

Mid-Cap Value Equity Trust (e)

    769,868       698,012       —       Daily   None   Daily

International Large Blend Trust (f)

    197,560       176,608       —       Daily   None   Daily

 

(a) 

The fair values of the investments have been estimated using the NAV of the investment.

(b) 

The asset allocation fund uses a strategy designed for investors expecting to retire around the year indicated in each fund’s name, with the allocation changing on an annual basis, becoming more conservative as the Fund nears the target retirement date. The funds invest in a combination of equity, fixed income and short-term JPMorgan Chase Bank, N.A Commingled Pension Trust Funds and/or funds maintained by unaffiliated banks and trust companies, which includes vehicles with lower levels of active risk.

(c) 

Intermediate-term bond funds aim to generate excess return from top-down sector allocation and bottom-up subsector/security selection. Duration and yield curve are tactically managed.

(d) 

Multiple investment trust is a combination of funds including large cap growth equity trust, mid cap value equity trust, small cap value equity trust, value yield equity trust, global growth equity trust and real estate securities trust.

(e) 

Mid-cap value equity trust invests its assets in a majority of equity securities of medium-sized companies.

(f) 

International Large Blend Trust measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States.

 

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ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

6.

PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments are Common Stock shares of LM Ericsson Telephone Company, a related party of Ericsson Inc. Ericsson Inc. sponsors the plan; therefore, these investments qualify as a party-in-interest transaction. The Plan recorded purchases of $22,001 and sales of $28,822 of the Company’s stock during the year ended December 31, 2020.

 

7.

TAX STATUS OF THE PLAN

Management believes that the Plan is qualified under section 401(a) of the Internal Revenue Code (“IRC”) and therefore, the trust is exempt from taxation under section 501(a). The Internal Revenue Service granted a favorable letter of determination to the Plan covering its most recent amendments on April 6, 2017. Generally, contributions to a qualified plan are deductible by the Company when made, earnings of the trust are tax exempt and participants are not taxed on their benefits until withdrawn from the Plan.

Although the Plan has been amended since receiving the determination letter, management believes that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020, there are no uncertain positions taken or expected to be taken that would require recognition of the liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

8.

FINANCIAL ASSETS CARRIED AT CONTRACT VALUE

The following table provides information as of December 31, 2020 and 2019 about the financial assets carried at contract value:

 

As of December 31,

   2020      2019  

Financial assets at contract value:

     

Ericsson US 401(k) Putnam Stable Value Fund

   $ 343,903      $ —    

Wells Fargo Stable Return Fund W (a)

     —          308,858  
  

 

 

    

 

 

 

In 2020, the Plan had invested in the Wells Fargo Stable Return Fund W (a) and replaced it with the Ericsson US 401(k) Putnam Stable Value Fund.

The Plan holds investments in synthetic guaranteed investment contracts (“synthetic GICs”) as part of the stable value fund. The investments in synthetic GICs are presented at fair value on the table of

 

14


Table of Contents

ERICSSON US 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019, AND FOR THE YEAR ENDED DECEMBER 31, 2020

(Thousands of dollars)

 

 

the investments held in the Plan. The fair value of the synthetic GICs equals the total of the fair value of the underlying assets plus the total wrap rebid value, which is calculated by discounting the annual rebid fee, due to rebid, over the duration of the contract assets.

In determining the net assets available for benefits, the synthetic GICs are recorded at their contract values, which are equal to principal balance plus accrued interest. As provided in ASC 962, an investment contract is generally valued at contract value, rather than fair value, to the extent it is fully benefit-responsive.

The Stable Value Funds are credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The synthetic GICs issuers are contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

The GICs are included in the financial statements at contract value as reported to the Plan by the Trustee, the investment manager. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. There are currently no reserves against contract values for credit risk of the contract issuers or otherwise.

 

9.

SUBSEQUENT EVENTS

The Plan has evaluated the effects of events that have occurred subsequent to December 31, 2020, through the issuance of these financial statements and have identified no subsequent events.

 

15


Table of Contents

ERICSSON US 401(k) PLAN

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2020

(Thousands of dollars)

 

 

EIN: 06-1119960

Plan Number: 006

 

 
(a)  

(b)

Identity of Issue, Borrower,

Lessor or Similar Party

  

(c)

Description of Investment, Including Maturity Date, Rate

of Interest, Collateral, Par or Maturity Value

  

(d)

Cost

    

(e)

Current Value

 
  Stable Value Fund:         

*

  Putnam Fiduciary Trust    ERICSSON US 401(K) PUTNAM STABLE VALUE FUND      *    $ 343,903  

***

  Company         
  Common Collective Trusts:         
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS INCOME      *      24,668  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2015      *      19,877  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2020      *      58,333  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2025      *      110,756  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2030      *      121,848  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2035      *      100,030  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2040      *      73,632  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2045      *      46,361  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2050      *      33,069  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2055      *      12,652  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2060      *      5,917  
  Vanguard Funds    VANGUARD TARGET RETIRE TRUST PLUS 2065      *      693  
          

 

 

 
             607,836  
  Mutual Funds:         
  American Funds    AMERICAN FUNDS EUROPACIFIC GROWTH-R6      *      167,578  
  Oppenheimer    OPPENHEIMER DEVELOPING MARKETS-I      *      31,146  
  T. Rowe Price    T. ROWE PRICE QM US SMALL-CAP GR EQ I      *      40,932  
  Vanguard Funds    VANGUARD SMALL-CAP INDEX-INST PLUS      *      124,115  
  Vanguard Funds    VANGUARD MID-CAP INDEX-INST PLUS      *      247,083  
          

 

 

 
             610,854  
  Commingled funds:         
  Victory    VICTORY SMALL CAP VALUE COLLECTIVE 75      *      29,406  
  T. Rowe Price Funds    T ROWE PRICE MID-CAP VALUE EQUITY TRUST-D      *      39,397  
  American Century Funds    AMERICAN CENTURY US VALUE YIELD EQUITY TRUST-2      *      122,230  
  Vanguard Funds    VANGUARD INST TOTAL INTL STK MKT IDX TST      *      197,560  
  Vanguard Funds    VANGUARD INSTITUTIONAL 500 INDEX TRUST      *      701,065  
  Prudential Funds    PRUDENTIAL CORE PLUS BOND FUND CLASS 12      *      112,377  
  Vanguard Funds    VANGUARD INSTL TOTAL BOND MRKT IDX TRUST      *      237,598  
          

 

 

 
             1,439,633  
  Separately managed accounts:      
  Jennison    ADOBE INC COMMON STOCK      *      8,070  
  Jennison    AIRBNB INC COMMON STOCK      *      180  
  Jennison    ALPHABET INC COMMON STOCK CL.C      *      4,056  
  Jennison    ALPHABET INC COMMON STOCK CL.A      *      4,064  
  Jennison    AMAZON.COM INC COMMON STOCK      *      21,584  
  Jennison    APPLE INC COMMON STOCK      *      21,980  
  Jennison    CHIPOTLE MEXICAN GRILL INC COMMON STOCK      *      2,517  
  Jennison    COSTCO WHOLESALE CORP COMMON STOCK      *      2,362  
  Jennison    COUPA SOFTWARE INC COMMON STOCK      *      3,061  

 

16


Table of Contents

ERICSSON US 401(k) PLAN

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2020

(Thousands of dollars)

 

 

EIN: 06-1119960

Plan Number: 006

 

 

(a)

 

(b)

Identity of Issue, Borrower,

Lessor or Similar Party

  

(c)

Description of Investment, Including Maturity Date, Rate

of Interest, Collateral, Par or Maturity Value

   (d)
Cost
     (e)
Current Value
 
 

Jennison

   CROWDSTRIKE HOLDINGS INC COMMON STOCK CL.A      *      4,404  
 

Jennison

   DEXCOM INC COMMON STOCK      *      1,415  
 

Jennison

   FACEBOOK INC COMMON STOCK      *      8,866  
 

Jennison

   LVMH MOET HENNESSY COMMON STOCK      *      5,777  
 

Jennison

   HOME DEPOT INC COMMON STOCK      *      2,029  
 

Jennison

   KERING SA COMMON STOCK—UNSPONSORED ADR      *      5,401  
 

Jennison

   LAUDER ESTEE COS INC COMMON STOCK CL.A      *      3,454  
 

Jennison

   LULULEMON ATHLETICA INC COMMON STOCK      *      4,166  
 

Jennison

   MASTERCARD INC COMMON STOCK CL.A      *      5,491  
 

Jennison

   MATCH GROUP INC COMMON STOCK      *      10,164  
 

Jennison

   MICROSOFT CORP COMMON STOCK      *      9,114  
 

Jennison

   NETFLIX INC COMMON STOCK      *      9,146  
 

Jennison

   NIKE INC COMMON STOCK      *      7,742  
 

Jennison

   NVIDIA CORP COMMON STOCK      *      7,612  
 

Jennison

   PAYPAL HOLDINGS INC COMMON STOCK      *      6,599  
 

Jennison

   PELOTON INTERACTIVE INC COMMON STOCK CL.A      *      4,849  
 

Jennison

   RINGCENTRAL INC COMMON STOCK CL.A      *      6,705  
 

Jennison

   SALESFORCE COM INC COMMON STOCK      *      3,679  
 

Jennison

   SERVICENOW INC COMMON STOCK      *      1,295  
 

Jennison

   SHOPIFY INC COMMON STOCK CL.A      *      11,484  
 

Jennison

   SNOWFLAKE INC COMMON STOCK      *      2,949  
 

Jennison

   SQUARE INC COMMON STOCK CL.A      *      5,572  
 

Jennison

   TAIWAN SEMICONDUCTOR COMMON STOCK—ADR      *      1,467  
 

Jennison

   TELADOC HEALTH INC COMMON STOCK      *      4,065  
 

Jennison

   TENCENT HOLDINGS LTD COMMON STOCK UNSPONSORED ADR      *      2,493  
 

Jennison

   TESLA MOTORS INC COMMON STOCK      *      16,663  
 

Jennison

   TRADE DESK INC/THE COMMON STOCK CL.A      *      5,325  
 

Jennison

   TWILIO INC COMMON STOCK      *      7,148  
 

Jennison

   UBER TECHNOLOGIES INC COMMON STOCK      *      4,567  
 

Jennison

   VISA INC COMMON STOCK CL.A      *      4,377  
 

Jennison

   ZOOM VIDEO COMMUNICATIONS INC COMMON STOCK CL.A      *      768  
 

Jennison

   ATLASSIAN CORP PLC COMMON STOCK CL.A      *      4,632  
 

Jennison

   SPOTIFY TECHNOLOGY SA COMMON STOCK      *      4,908  
 

Jennison

   ADYEN NV COMMON STOCK      *      8,767  
 

Jennison

   FEDERATED GOVERNMENT OBLIGATIONS IS #5      *      2,353  
 

Eagle Funds

   ACCELERON PHARMA INC COMMON STOCK      *      602  
 

Eagle Funds

   ADVANCED MICRO DEVICES INC COMMON STOCK      *      1,610  
 

Eagle Funds

   ALBEMARLE CORP COMMON STOCK      *      876  
 

Eagle Funds

   ALIGN TECHNOLOGY INC COMMON STOCK      *      2,317  
 

Eagle Funds

   ALNYLAM PHARMACEUTICALS INC COMMON STOCK      *      341  
 

Eagle Funds

   AMEDISYS INC COMMON STOCK      *      887  
 

Eagle Funds

   ANAPLAN INC COMMON STOCK      *      797  
 

Eagle Funds

   AUTOZONE INC COMMON STOCK      *      812  
 

Eagle Funds

   AVANTOR INC COMMON STOCK      *      522  
 

Eagle Funds

   BAKER HUGHES A GE CO LLC COMMON STOCK      *      749  
 

Eagle Funds

   BALL CORP COMMON STOCK      *      864  

 

 

17


Table of Contents

ERICSSON US 401(k) PLAN

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2020

(Thousands of dollars)

 

 

EIN: 06-1119960

Plan Number: 006

 

 

(a)

 

(b)

Identity of Issue, Borrower,

Lessor or Similar Party

  

(c)

Description of Investment, Including Maturity Date, Rate

of Interest, Collateral, Par or Maturity Value

   (d)
Cost
     (e)
Current Value
 
 

Eagle Funds

   BIOMARIN PHARMACEUTICAL INC COMMON STOCK      *      507  
 

Eagle Funds

   BURLINGTON STORES COMMON STOCK      *      1,480  
 

Eagle Funds

   CAESARS ENTERTAINMENT CORP COMMON STOCK      *      1,285  
 

Eagle Funds

   CHANGE HEALTHCARE INC COMMON STOCK      *      641  
 

Eagle Funds

   CHARLES RIVER LABS INTL INC COMMON STOCK      *      495  
 

Eagle Funds

   CHIPOTLE MEXICAN GRILL INC COMMON STOCK      *      950  
 

Eagle Funds

   COGNEX CORP COMMON STOCK      *      1,570  
 

Eagle Funds

   COHERENT INC COMMON STOCK      *      675  
 

Eagle Funds

   CONSTELLATION BRANDS INC COMMON STOCK      *      799  
 

Eagle Funds

   CORTEVA INC COMMON STOCK      *      857  
 

Eagle Funds

   COUPA SOFTWARE INC COMMON STOCK      *      541  
 

Eagle Funds

   CROWDSTRIKE HOLDINGS INC COMMON STOCK CL.A      *      3,189  
 

Eagle Funds

   DOCUSIGN INC COMMON STOCK      *      1,276  
 

Eagle Funds

   DRAFTKINGS INC COMMON STOCK CL.A      *      417  
 

Eagle Funds

   FAIR ISAAC CORP COMMON STOCK      *      1,031  
 

Eagle Funds

   FIVE9 INC COMMON STOCK      *      922  
 

Eagle Funds

   FLEETCOR TECHNOLOGIES INC COMMON STOCK      *      1,428  
 

Eagle Funds

   FORTUNE BRANDS HOME & SEC INC COMMON STOCK      *      1,223  
 

Eagle Funds

   GLOBAL PAYMENTS INC COMMON STOCK      *      1,758  
 

Eagle Funds

   GRAINGER W W INC COMMON STOCK      *      1,261  
 

Eagle Funds

   GUARDANT HEALTH INC COMMON STOCK      *      570  
 

Eagle Funds

   IAA INC COMMON STOCK      *      911  
 

Eagle Funds

   IDEXX LABS INC COMMON STOCK      *      1,780  
 

Eagle Funds

   INSULET CORPORATION COMMON STOCK      *      1,030  
 

Eagle Funds

   KEYSIGHT TECHNOLOGIES INC COMMON STOCK      *      1,035  
 

Eagle Funds

   LPL FINANCIAL HOLDINGS INC COMMON STOCK      *      1,110  
 

Eagle Funds

   L3HARRIS TECHNOLOGIES INC COMMON STOCK      *      1,007  
 

Eagle Funds

   LENNAR CORP COMMON STOCK CL.A      *      860  
 

Eagle Funds

   LULULEMON ATHLETICA INC COMMON STOCK      *      1,470  
 

Eagle Funds

   MSCI INC COMMON STOCK CL.A      *      1,707  
 

Eagle Funds

   MARKETAXESS HLDGS INC COMMON STOCK      *      1,556  
 

Eagle Funds

   MARTIN MARIETTA MATERIALS INC COMMON STOCK      *      1,072  
 

Eagle Funds

   MASIMO CORP COMMON STOCK      *      1,032  
 

Eagle Funds

   MAXIM INTEGRATED PRODS INC COMMON STOCK      *      978  
 

Eagle Funds

   MCKESSON CORPORATION COMMON STOCK      *      650  
 

Eagle Funds

   METTLER TOLEDO INTERNATIONAL COMMON STOCK      *      627  
 

Eagle Funds

   MICROCHIP TECHNOLOGY INC COMMON STOCK      *      1,155  
 

Eagle Funds

   MODERNA INC COMMON STOCK      *      754  
 

Eagle Funds

   MONSTER BEVERAGE CORP COMMON STOCK      *      1,154  
 

Eagle Funds

   MOODYS CORP COMMON STOCK      *      835  
 

Eagle Funds

   OLD DOMINION FREIGHT LINE INC COMMON STOCK      *      940  
 

Eagle Funds

   PTC INC COMMON STOCK      *      824  
 

Eagle Funds

   PELOTON INTERACTIVE INC COMMON STOCK CL.A      *      1,819  
 

Eagle Funds

   PERSPECTA INC COMMON STOCK      *      809  
 

Eagle Funds

   PINTEREST INC COMMON STOCK CL.A      *      2,719  
 

Eagle Funds

   PLANET FITNESS INC CL A COMMON STOCK      *      382  
 

Eagle Funds

   POOL CORPORATION COMMON STOCK      *      2,209  

 

18


Table of Contents

ERICSSON US 401(k) PLAN

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2020

(Thousands of dollars)

 

 

EIN: 06-1119960

Plan Number: 006

 

 

(a)

 

(b)

Identity of Issue, Borrower,

Lessor or Similar Party

  

(c)

Description of Investment, Including Maturity Date, Rate

of Interest, Collateral, Par or Maturity Value

   (d)
Cost
     (e)
Current Value
 
 

Eagle Funds

   QUIDEL CORP COMMON STOCK      *      513  
 

Eagle Funds

   REPLIGEN CORP COMMON STOCK      *      530  
 

Eagle Funds

   RESMED INC COMMON STOCK      *      903  
 

Eagle Funds

   RINGCENTRAL INC COMMON STOCK CL.A      *      2,911  
 

Eagle Funds

   RITCHIE BROS AUCTIONEERS COMMON STOCK      *      1,132  
 

Eagle Funds

   SBA COMMUNICATIONS CORP COMMON STOCK      *      1,519  
 

Eagle Funds

   SAREPTA THERAPEUTICS INC COMMON STOCK      *      558  
 

Eagle Funds

   SEAGEN INC COMMON STOCK      *      902  
 

Eagle Funds

   SERVICENOW INC COMMON STOCK      *      806  
 

Eagle Funds

   SHOPIFY INC COMMON STOCK CL.A      *      1,021  
 

Eagle Funds

   SIRIUS XM HOLDINGS INC COMMON STOCK      *      441  
 

Eagle Funds

   SPLUNK INC COMMON STOCK      *      1,537  
 

Eagle Funds

   SYNOPSYS INC COMMON STOCK      *      2,353  
 

Eagle Funds

   TAKE TWO INTERACTIVE SOFTWARE COMMON STOCK      *      899  
 

Eagle Funds

   TANDEM DIABETES CARE INC COMMON STOCK      *      383  
 

Eagle Funds

   TELADOC HEALTH INC COMMON STOCK      *      786  
 

Eagle Funds

   TRANSUNION COMMON STOCK      *      1,535  
 

Eagle Funds

   TYLER TECHNOLOGIES INC COMMON STOCK      *      1,854  
 

Eagle Funds

   UNITED RENTALS INC COMMON STOCK      *      859  
 

Eagle Funds

   UNIVERSAL DISPLAY CORP COMMON STOCK      *      574  
 

Eagle Funds

   VAIL RESORTS INC COMMON STOCK      *      501  
 

Eagle Funds

   VEEVA SYS INC COMMON STOCK CL.A      *      987  
 

Eagle Funds

   WESTINGHOUSE AIR BRAKE TECH CO COMMON STOCK      *      900  
 

Eagle Funds

   WASTE CONNECTIONS INC COMMON STOCK      *      2,007  
 

Eagle Funds

   WEST PHARMACEUTICAL SVSC INC COMMON STOCK      *      753  
 

Eagle Funds

   WORKDAY COMMON STOCK      *      807  
 

Eagle Funds

   XILINX INC COMMON STOCK      *      1,246  
 

Eagle Funds

   ZENDESK INC COMMON STOCK      *      1,661  
 

Eagle Funds

   ZOETIS INC COMMON STOCK      *      796  
 

Eagle Funds

   CLARIVATE ANALYTICS PLC COMMON STOCK      *      540  
 

Eagle Funds

   HORIZON THERAPEUTICS PLC COMMON STOCK      *      1,257  
 

Eagle Funds

   IHS MARKIT LTD COMMON STOCK      *      647  
 

Eagle Funds

   MARVELL TECHNOLOGY GROUP LTD COMMON STOCK      *      1,250  
 

Eagle Funds

   APTIV PLC COMMON STOCK      *      789  
 

Eagle Funds

   NOVOCURE LTD COMMON STOCK      *      523  
 

Eagle Funds

   SPOTIFY TECHNOLOGY SA COMMON STOCK      *      503  
 

Eagle Funds

   ELASTIC NV COMMON STOCK      *      1,328  
 

Eagle Funds

   ROYAL CARIBBEAN CRUISES LTD COMMON STOCK      *      709  
          

 

 

 
             366,212  

 

19


Table of Contents

ERICSSON US 401(k) PLAN

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR) DECEMBER 31, 2020

(Thousands of dollars)

 

 

EIN: 06-1119960

Plan Number: 006

 

 

(a)

 

(b)

Identity of Issue, Borrower,

Lessor or Similar Party

  

(c)

Description of Investment, Including Maturity Date, Rate

of Interest, Collateral, Par or Maturity Value

   (d)
Cost
     (e)
Current Value
 

*

 

Self-Directed Brokerage Account

   Various Investments, Including Registered Investment Companies, Common Stocks, Money Market Funds and Cash      *      116,643  

*

 

Ericsson

   Ericsson Stock Fund      *      47,931  
          

 

 

 
  Total Investments            3,533,012  

*

 

Participant Loans

   Interest rates of 4.25% to 6.50% with various maturity dates      *      13,536  
        

 

 

 
  Total          $ 3,546,548  
        

 

 

 

 

*

Party In Interest

**

Not Required For Participant Directed Accounts

***

All investments were stated at fair value as of December 31, 2020 with the exception of the Stable Value Fund, which is stated at contract value.

 

20


Table of Contents

EXHIBIT INDEX

 

Exhibit No.

    

99.1 Consent of Independent Accountants – Filed herewith


Table of Contents

SIGNATURES

The Plan. Pursuant to the requirements of the Securities and 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.

Ericsson US 401(k) Plan

Date: 06/28/2021

 

 
Toby Todd
Head of Total Rewards, Region North America