-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RcAKreN0x6kYkzQlULW5rDS+bwTB/mg7XuCsvfl0/9Os/NxX6lDaECbT7U5sw+jx nSCsighckagMFeFcRBpw/g== 0000950152-95-002993.txt : 19951219 0000950152-95-002993.hdr.sgml : 19951219 ACCESSION NUMBER: 0000950152-95-002993 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19951218 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOODYEAR TIRE & RUBBER CO /OH/ CENTRAL INDEX KEY: 0000042582 STANDARD INDUSTRIAL CLASSIFICATION: TIRES AND INNER TUBES [3011] IRS NUMBER: 340253240 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01927 FILM NUMBER: 95602431 BUSINESS ADDRESS: STREET 1: 1144 E MARKET ST CITY: AKRON STATE: OH ZIP: 44316 BUSINESS PHONE: 2167962121 MAIL ADDRESS: STREET 1: 1144 E MARKET ST CITY: AKRON STATE: OH ZIP: 44316 11-K 1 GOODYEAR EMPLOYEE SAVINGS PLAN- BARGAINING TRUST 1 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 [FEE REQUIRED] FOR THE FISCAL YEAR ENDED DECEMBER 31, 1994 COMMISSION FILE NUMBER: 1-1927 ____________________ THE GOODYEAR TIRE & RUBBER COMPANY EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES (FULL TITLE OF THE PLAN) ____________________ THE GOODYEAR TIRE & RUBBER COMPANY (NAME OF ISSUER OF THE SECURITIES) 1144 EAST MARKET STREET AKRON, OHIO 44316-0001 (ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE) 2 THE GOODYEAR TIRE & RUBBER COMPANY EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES ITEM 1. Not applicable. ITEM 2. Not applicable. ITEM 3. Not applicable. ITEM 4. FINANCIAL STATEMENTS OF THE PLAN The Financial Statements of The Goodyear Tire & Rubber Company Employee Savings Plan for Bargaining Unit Employees for the fiscal year ended December 31, 1994, together with the report of Price Waterhouse, independent accountants, are attached to this Annual Report on Form 11-K as Annex A, and are by specific reference incorporated herein and filed as a part of hereof. The Financial Statements and the Notes thereto are presented in lieu of the financial statements required by Items 1, 2 and 3 of Form 11-K and were prepared in accordance with the financial reporting requirements of ERISA. SIGNATURES PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE PLAN ADMINISTRATOR HAS DULY CAUSED THIS ANNUAL REPORT TO BE SIGNED BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED. THE GOODYEAR TIRE & RUBBER COMPANY, PLAN ADMINISTRATOR OF THE GOODYEAR TIRE & RUBBER COMPANY EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES Dated: December 15, 1995 By: /s/ Richard W Hauman -------------------- Richard W Hauman, Vice President and Treasurer 1 3 ANNEX A TO FORM 11-K THE GOODYEAR TIRE & RUBBER COMPANY EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES * * * * * FINANCIAL STATEMENTS DECEMBER 31, 1994 4 THE GOODYEAR TIRE & RUBBER COMPANY ---------------------------------- EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES --------------------------------------------------- INDEX TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1994 -----------------
PAGE ---- Report of independent accountants 2 Financial statements: Statement of net assets available for Plan benefits at December 31, 1994 and 1993 3 Statement of changes in net assets available for Plan benefits for the years ended December 31, 1994 and 1993 3 Notes to financial statements 4-9
5 REPORT OF INDEPENDENT ACCOUNTANTS --------------------------------- December 15, 1995 To the Plan Administrator and Participants of the Employee Savings Plan for Bargaining Unit Employees (sponsored by The Goodyear Tire & Rubber Company) In our opinion, the accompanying statements of net assets available for plan benefits and the related statements of changes in net assets available for plan benefits present fairly, in all material respects, the net assets available for benefits of the Employee Savings Plan for Bargaining Unit Employees (sponsored by The Goodyear Tire & Rubber Company) at December 31, 1994 and 1993, and the changes in net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. /s/ Price Waterhouse LLP -2- 6 THE GOODYEAR TIRE & RUBBER COMPANY EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES --------------------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION --------------------------------------------------------------------------
(Dollars in Thousands) December 31, 1994 December 31, 1993 ------------------------------------------------ --------------------------------------- FUND INFORMATION FUND INFORMATION --------------------------------------- ----------------------------- COMPANY FIXED STOCK COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN STOCK INTEREST EQUITY LOAN TOTAL FUND FUND FUND FUND FUND TOTAL FUND FUND FUND FUND -------- ------- -------- ------- ------ ------- -------- ------- -------- ------- ------ Plan's interest in master trust representing total assets available for Plan benefits $233,664 $63,741 $124,954 $32,107 $2,076 $10,786 $212,503 $75,772 $101,110 $25,848 $9,773 ======== ======= ======== ======= ====== ======= ======== ======= ======== ======= ======
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION -------------------------------------------------------------------------------------
December 31, 1994 December 31, 1993 ------------------------------------------------ --------------------------------------- FUND INFORMATION FUND INFORMATION --------------------------------------- ----------------------------- COMPANY FIXED STOCK COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL STOCK INTEREST EQUITY LOAN TOTAL FUND FUND FUND FUND FUND FUND FUND FUND FUND FUND -------- ------- -------- ------- ------ ------- -------- ------- -------- ------- ------ Increase in Assets: Contributions: Employer $ 8,624 $ 8,624 $ - $ - - $ - $ 7,975 $ 7,975 $ - $ - $ Employee 27,106 - 18,705 7,850 551 - 24,725 - 17,790 6,935 - -------- ------- -------- ------- ------ ------- -------- ------- -------- ------- ------ 35,730 8,624 18,705 7,850 551 - 32,700 7,975 17,790 6,935 - Investment income from Plan's interest in master trust (10,638)(19,533) 7,775 462 (1) 659 28,040 18,771 6,615 2,076 578 Decrease in Assets: Benefits paid to participants or their beneficiaries 3,871 1,078 2,394 255 10 134 3,903 1,289 2,156 303 155 Administrative Expenses 10 - - - 10 - - - - - - -------- ------- -------- ------- ------ ------- -------- ------- -------- ------- ------ 3,881 1,078 2,394 255 20 134 3,903 1,289 2,156 303 155 Transfers: Transfers between Plans (101) (44) (11) (48) 1 1 176 58 101 42 (25) Transfers between funds - - 208 (1,697) 1,489 - - - (154) 154 - Transfers to or from Plan 51 - 16 17 18 - - - - - - Loans to participants - - (3,921) (1,094) (35) 5,050 - - (3,959) (901) 4,860 Loan repayments: Principal - - 2,968 875 61 (3,904) - - 2,169 615 (2,784) Interest - - 498 149 12 (659) - - 456 122 (578) -------- ------- -------- ------- ------ ------- -------- ------- -------- ------- ------ (50) (44) (242) (1,798) 1,546 488 176 58 (1,387) 32 1,473 -------- ------- -------- ------- ------ ------- -------- ------- -------- ------- ------ Increase in Assets during the year 21,161 (12,031) 23,844 6,259 2,076 1,013 57,013 25,515 20,862 8,740 1,896 Net Assets at beginning of year 212,503 75,772 101,110 25,848 - 9,773 155,490 50,257 80,248 17,108 7,877 -------- ------- -------- ------- ------ ------- -------- ------- -------- ------- ------ Net Assets at end of year $233,664 $63,741 $124,954 $32,107 $2,076 $10,786 $212,503 $75,772 $101,110 $25,848 $9,773 ======== ======= ======== ======= ====== ======= ======== ======= ======== ======= ======
The accompanying notes are an integral part of these statements. -3- 7 THE GOODYEAR TIRE & RUBBER COMPANY ---------------------------------- EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES --------------------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1994 ----------------- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: - ------------------------------------------ Basis Of Accounting ------------------- The accounts of The Goodyear Tire & Rubber Company Employee Savings Plan for Bargaining Unit Employees (the "Plan") are maintained on the accrual basis of accounting and in accordance with the Bankers Trust Company (the "Trustee") Trust Agreement. Trust Assets ------------ Savings plans sponsored by The Goodyear Tire & Rubber Company and certain subsidiaries (the "Company") maintain their assets in a master trust administered by the Trustee. At December 31, 1994 and 1993, the Company sponsored six savings plans. The Plan's interest in the trust is presented in the accompanying financial statements in accordance with the allocation made by the Trustee. In 1994 and 1993, the Plan's interest in the master trust was 22.2% and 21.1%, respectively. Asset Valuation --------------- The assets of the Plan are valued at the current market value. Investments in the Company Stock Fund are valued at the last reported sales price on the last business day of the month. If no sales were reported on that date, the shares are valued at the last bid price. Investments held in the Fixed Interest Fund are invested in various instruments that have a stated rate of return, and are reported at contract value which approximates fair market value. Investments in the Stock Equity Fund are valued based on units of participation in a commingled fund as reported by the fund manager. Investments in the Balanced Fund are valued based on units of participation in a commingled fund as reported by the fund manager. The allocation of assets, interest and dividend income, and realized and unrealized appreciation and depreciation is made based upon contributions received and benefits paid by each participating plan on a monthly basis. Income Recognition ------------------ Employer and employee contributions are recognized in Plan equity on the accrual basis of accounting, which result in a receivable at year end. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. Appreciation or depreciation on Company common stock distributed to participants is the difference between the weighted average cost and the market value on the monthly valuation date preceding the distribution. -4- 8 GENERAL DESCRIPTION AND OPERATION OF THE PLAN: - --------------------------------------------- Inception --------- The Plan is a defined contribution plan which became effective July 1, 1984. Eligibility ----------- Certain bargaining unit employees of the Company are eligible to participate in the Plan after completing one year of continuous service. At the end of the 1994 plan year, approximately 7,800 employees (7,500 in 1993) of the Company were eligible with approximately 6,600 employees participating in the Plan in 1994 (6,400 in 1993). Vesting ------- Employee contributions are fully vested. Employer matching contributions are vested after the participant has completed either five years of continuous service or three years of participation in the Plan. Contributions ------------- Eligible employees can elect to contribute any whole percent from 1% to 16% of earnings including wages, bonuses, commissions, overtime and vacation pay into the Plan. Participating employees can elect to have their contributions invested in the Fixed Interest Fund, the Balanced Fund or the Stock Equity Fund or in any combination of the three funds in multiples of 10%. The Company calculates and deducts employee contributions from gross earnings each pay period based on the percent elected by the employee. Employees may change their contribution percent the first day of each month with a fifteen day prior notice. Employees may transfer amounts attributable to employee contributions from one fund to the other on the first day of each month with a one day prior notice. The minimum amount to be transferred is $100. Eligible employees may enroll in the Plan on any January 1, April 1, July 1 or October 1, with a 30 day prior notice. Employees may suspend their contributions on any date with a 30 day prior notice. The Plan has been established under section 40l(k) of the Internal Revenue Code. Therefore, employee and employer contributions to the Plan are not subject to federal withholding tax, but are taxable when they are withdrawn from the Plan. The Board of Directors of the Company determines the matching percent used as the employer contribution for each Plan year. During 1994 and 1993, the Company matched the first 6% of employee contributions, up to $9,240 ($8,994 in 1993) of employee contributions, at the rate of 50%. Investments ----------- The Trustee of the Plan maintains the following five funds under the Plan (Balanced Fund added January 1, 1994): - Fixed Interest Fund - employee contributions are invested in various instruments that have a stated rate of return. PRIMCO Capital Management, Inc. is the Investment Advisor for this fund. - Stock Equity Fund - employee contributions are invested in a commingled fund consisting of a portfolio of common stocks which provide an investment return similar to the Standard & Poor's Composite Index plus reinvested dividends. -5- 9 - Balanced Fund - employee contributions are invested in a commingled fund containing a portfolio of common stocks and bonds which provide an investment return similar to a portfolio invested 60% in the Standard & Poor's Composite Index plus reinvested dividends and 40% in bonds which compose the Lehman Aggregate Bond Index. - Loan Investment Fund - employee contributions are transferred from other funds into the Loan Investment Fund, and then loaned to the participant. The interest rate on the loan is determined by Bankers Trust Company. - Company Stock Fund - employer contributions are invested in Goodyear common stock except for short-term investments needed for Plan operations. During 1994, the price per share of Goodyear common stock on The New York Stock Exchange Composite Transactions ranged from $31.625 to $49.250 ($32.500 to $47.250 during 1993). The closing price per share was $33.625 at December 31, 1994 ($45.750 at December 31, 1993). Participant Accounts -------------------- A Fixed Interest Fund Account, Stock Equity Fund Account, Balanced Fund Account, Loan Investment Fund Account, and a Company Stock Fund Account have been established for each participant in the Plan. All accounts are valued monthly by the Trustee. Interest is automatically reinvested in each participant's respective accounts. Price fluctuations and dividends in common stock of the Company and companies in the Stock Equity Fund or Balanced Fund are reflected in the unit value of the fund which effects the value of the participant's accounts. Plan Withdrawals and Distributions ---------------------------------- Participants may withdraw vested amounts from their accounts if they: - Attain the age of 59 1/2, or - Qualify for a serious financial hardship. The Internal Revenue Service (IRS) issued guidelines governing financial hardship. Under the IRS guidelines, withdrawals are permitted for severe financial hardship for the following reasons: - Unreimbursed medical expense of participant, spouse, or dependent. - Post-secondary education of participant, spouse, or dependent. - Prevention of eviction from primary residence of participant. - Personal liability for expenses arising out of the death of a member of participant's family. - Purchase of a primary residence of participant. - Prevention of foreclosure on primary residence of participant. Contributions to the Plan are suspended for l2 months subsequent to a financial hardship withdrawal. A withdrawal from the Plan after attaining age 59 1/2 automatically suspends the participant from making further contributions to the Plan for a minimum of 24 months. Participant vested amounts are payable upon retirement, death or other termination of employment. -6- 10 All withdrawals and distributions are valued as of the end of the month they are processed, and are subject to federal income tax upon receipt. Any non-vested Company contributions are forfeited and applied to reduce future contributions by the Company. During 1994 and 1993, the Plan had forfeiture credits in the amounts of $0 and $3,376, respectively. Loan Investment Fund -------------------- Eligible employees may borrow money from their participant accounts. The minimum amount to be borrowed is $1,000. The maximum amount to be borrowed is the lesser of $50,000 or 50% of the participant's vested account balance. The interest rate charged will be a fixed rate which will be established at the time of the loan application. The interest rates ranged from 7.0% to 9.5% during 1994. Loan repayments, with interest, are made through payroll deductions. If a loan is not repaid when due, the loan balance will be treated as a taxable distribution from the Plan. Expenses -------- Expenses of administering the Plan, including the payment of Trustee's fees and brokerage commissions associated with the Company Stock Fund, are paid by the Company. Expenses related to the asset management of the Balanced Fund are paid by participants. Termination Provisions ---------------------- The Company anticipates and believes that the Plan will continue without interruption, but reserves the right to discontinue the Plan. In the event of termination, the obligation of the Company to make further contributions ceases. All participants' accounts would then be fully vested with respect to Company contributions. RELATED PARTY TRANSACTIONS: - -------------------------- The Company Stock Fund is designed primarily for investment in common stock of the Company. TAX STATUS OF PLAN: - ------------------ The Internal Revenue Service (IRS) has advised on May 22, 1995 that the Plan is qualified in accordance with the appropriate sections of the Internal Revenue Code, and the trust established with the Plan constitutes a qualified trust and is therefore exempt from federal income taxes. SUBSEQUENT EVENT: - ---------------- The trust was amended effective November 1, 1995, to change the Trustee of the Plan from Bankers Trust Company to The Northern Trust Company. All assets of the Plan and the master trust were transferred accordingly. FINANCIAL DATA OF THE MASTER TRUST: - ---------------------------------- -7- 11 THE GOODYEAR TIRE & RUBBER COMPANY MASTER TRUST STATEMENT OF NET ASSETS WITH FUND INFORMATION --------------------------------------------- (Dollars in Thousands)
December 31, 1994 ------------------------------------------------------------------------------------ FUND INFORMATION ---------------------------------------------------------------------- Company Fixed Stock Stock Interest Equity Balanced Loan Total Fund Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ------------ Assets: Investments at fair market value: Guaranteed Investment Contracts $570,770 $ - $570,770 $ - $ - $ - Common Stock of The Goodyear Tire & Rubber Company, cost $189,868 -- 8,468,457 shares ($163,016 - 7,764,075 shares in 1993) 284,752 284,752 - - - - Pooled Common Stock, cost $115,000 -- 139,595 units ($86,956 - 113,275 units in 1993) 139,937 - - 134,094 5,843 - Pooled Fixed Income 4,175 - - - 4,175 - $4,204 -- 2,793,749 units Short-term investments 8,829 1,831 4,524 - 2,474 - Promissory notes 38,587 - - - - 38,587 ------------ ------------ ------------ ------------ ------------ ------------ 1,047,050 286,583 575,294 134,094 12,492 38,587 Receivables Employee Contributions 6,022 - 5,676 142 204 - Employer Contributions 2,614 2,597 17 - - - Transfers - - 865 (920) 55 - Loan repayments - - 986 297 22 (1,305) Accrued interest and dividends 3,247 14 3,171 3 13 46 Reimbursement for expenses 30 30 - - - - ------------ ------------ ------------ ------------ ------------ ------------ 11,913 2,641 10,715 (478) 294 (1,259) ------------ ------------ ------------ ------------ ------------ ------------ Total Assets 1,058,963 289,224 586,009 133,616 12,786 37,328 Liabilities Payable for purchased securities 1,835 1,831 - 4 - - Administrative expenses payable 18 - 1 - 17 - Distributions payable 2,418 606 1,381 303 6 122 Forfeiture credits 10 10 - - - - ------------ ------------ ------------ ------------ ------------ ------------ Total Liabilities 4,281 2,447 1,382 307 23 122 ------------ ------------ ------------ ------------ ------------ ------------ Net Assets $1,054,682 $286,777 $584,627 $133,309 $12,763 $37,206 ============ ============ ============ ============ ============ ============ December 31, 1993 ---------------------------------------------------------------------- FUND INFORMATION -------------------------------------------------------- Company Fixed Stock Stock Interest Equity Loan Total Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ Assets: Investments at fair market value: Guaranteed Investment Contracts $471,830 $ - $471,830 $ - $ - Common Stock of The Goodyear Tire & Rubber Company, cost $189,868 -- 8,468,457 shares ($163,016 - 7,764,075 shares in 1993) 355,206 355,206 - - - Pooled Common Stock, cost $115,000 -- 139,595 units ($86,956 - 113,275 units in 1993) 111,989 - - 111,989 - Pooled Fixed Income - - - - - $4,204 -- 2,793,749 units Short-term investments 28,661 1,138 27,523 - - Promissory notes 37,125 - - - 37,125 ------------ ------------ ------------ ------------ ------------ 1,004,811 356,344 499,353 111,989 37,125 Receivables Employee Contributions 5,484 - 5,315 169 - Employer Contributions 2,521 2,501 20 - - Transfers - - - - - Loan repayments - - 927 293 (1,220) Accrued interest and dividends 133 6 33 - 94 Reimbursement for expenses 19 19 - - - ------------ ------------ ------------ ------------ ------------ 8,157 2,526 6,295 462 (1,126) ------------ ------------ ------------ ------------ ------------ Total Assets 1,012,968 358,870 505,648 112,451 35,999 Liabilities Payable for purchased securities 570 570 - - - Administrative expenses payable - - - - - Distributions payable 4,921 2,106 2,205 446 164 Forfeiture credits 33 33 - - - ------------ ------------ ------------ ------------ ------------ Total Liabilities 5,524 2,709 2,205 446 164 ------------ ------------ ------------ ------------ ------------ Net Assets $1,007,444 $356,161 $503,443 $112,005 $35,835 ============ ============ ============ ============ ============
-8- 12 THE GOODYEAR TIRE & RUBBER COMPANY MASTER TRUST STATEMENT OF CHANGES IN NET ASSETS WITH FUND INFORMATION
(Dollars in Thousands) For the year ended December 31, 1994 ----------------------------------------------------- FUND INFORMATION ------------------------------------------- COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL FUND FUND FUND FUND FUND Increase in Assets: Contributions: Employer $ 30,456 $ 30,103 $ 353 $ - - $ - Employee 97,183 - 67,570 27,244 2,369 - ---------- -------- ------- -------- ------- ------ 127,639 30,103 67,923 27,244 2,369 - Interest and dividend income 46,005 6,138 37,381 1 65 2,420 Net appreciation in fair market value of Assets (95,487) (97,232) - 1,907 (162) - ---------- -------- ------- -------- ------- ------ (49,482) (91,094) 37,381 1,908 (97) 2,420 Decrease in Assets: Benefits paid to participants or their beneficiaries 30,844 8,216 18,106 3,342 174 1,006 65 - 1 - 64 - ---------- -------- ------- -------- ------- ------ 30,909 8,216 18,107 3,342 238 1,006 Transfers: Transfers between Plans - - (5) 4 1 - Transfers between funds - - (5,361) (5,102) 10,463 - Transfers to or from Plan (1) (177) 5 22 149 - Loans to participants (9) - (13,605) (3,418) (213) 17,227 Loan repayments: Principal - - 11,130 3,435 285 (14,850) Interest - - 1,823 553 44 (2,420) --------- -------- ------- -------- ------- ------ (10) (177) (6,013) (4,506) 10,729 (43) --------- -------- ------- -------- ------- ------- Increase in Assets during the year 47,238 (69,384) 81,184 21,304 12,763 1,371 Net Assets at beginning of year 1,007,444 356,161 503,443 112,005 - 35,835 ---------- -------- ------- -------- ------- ------- Net Assets at end of year $1,054,682 $286,777 $584,627 $133,309 $12,763 $37,206 ========== ======== ======== ======== ======= =======
For the year ended December 31, 1993 ---------------------------------------- FUND INFORMATION -------------------------------- COMPANY FIXED STOCK STOCK INTEREST EQUITY LOAN TOTAL FUND FUND FUND FUND Increase in Assets: Contributions: Employer $ 28,655 $28,228 $ 427 $ - $ - Employee 88,425 - 64,238 24,187 - ---------- ------- -------- -------- ------- 117,080 28,228 64,665 24,187 - Interest and dividend income 40,752 4,366 34,092 1 2,293 Net appreciation in fair market value of Assets 95,584 86,165 - 9,419 - --------- -------- -------- -------- ------- 136,336 90,531 34,092 9,420 2,293 Decrease in Assets: Benefits paid to participants or their beneficiaries 31,391 10,501 16,862 2,818 1,210 - - - - - --------- -------- -------- -------- ------- 31,391 10,501 16,862 2,818 1,210 Transfers: Transfers between Plans - - - - - Transfers between funds - - (1,074) 1,074 - Transfers to or from Plan - - - - - Loans to participants - - (14,416) (2,777) 17,193 Loan repayments: Principal - - 8,814 2,533 (11,347) Interest - - 1,795 499 (2,294) ---------- -------- -------- -------- ------- - - (4,881) 1,329 3,552 ---------- -------- -------- -------- ------- Increase in Assets during the year 222,025 108,258 77,014 32,118 4,635 Net Assets at beginning of year 785,419 247,903 426,429 79,887 31,200 ---------- -------- -------- -------- ------- Net Assets at end of year $1,007,444 $356,161 $503,443 $112,005 $35,835 ========== ======== ======== ======== =======
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