-----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, WgGEFJJfeyvNofm7HoQZ2jLCxjym5oOAzwHzJnYjNTdvBAd9SUvsnXzqVoOhQoX6 Sc5QvlqB7ff6CgEwO5oGdQ== 0000950152-96-003116.txt : 19960626 0000950152-96-003116.hdr.sgml : 19960626 ACCESSION NUMBER: 0000950152-96-003116 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960625 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: 96585498 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 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, 1995 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, 1995, together with the report of Price Waterhouse LLP, 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 the Employee Retirement Income Security Act of 1974. EXHIBIT. CONSENT OF INDEPENDENT ACCOUNTANTS (EXHIBIT NO. 23) Consent of Price Waterhouse LLP, independent accountants, to incorporation by reference of their report set forth at page 2 of Annex A to this Form 11-K in Registration Statement No. 33-65183 on Form S-8. 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: June 25, 1996 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, 1995 4 THE GOODYEAR TIRE & RUBBER COMPANY ---------------------------------- EMPLOYEE SAVINGS PLAN FOR BARGAINING UNIT EMPLOYEES --------------------------------------------------- INDEX TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1995 -----------------
PAGE ---- Report of independent accountants 2 Financial statements: Statement of net assets available for Plan benefits at December 31, 1995 and 1994 3 Statement of changes in net assets available for Plan benefits for the years ended December 31, 1995 and 1994 3 Notes to financial statements 4-11
5 PRICE WATERHOUSE LLP [LETTERHEAD] REPORT OF INDEPENDENT ACCOUNTANTS --------------------------------- June 18, 1996 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 statement of net assets available for plan benefits and the related statement 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, 1995 and 1994, 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. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The Fund Information in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The Fund Information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /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, 1995 ------------------------------------------------------------------------- FUND INFORMATION ------------------------------------------------------------- COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL FUND FUND FUND FUND FUND ---------- ----------- ----------- ----------- ----------- ----------- Plan's interest in master trust representing total assets available for Plan benefits $356,737 $104,018 $171,749 $62,297 $5,111 $13,562 ========== =========== =========== =========== =========== =========== STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION December 31, 1995 ------------------------------------------------------------------------- FUND INFORMATION ------------------------------------------------------------- COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL FUND FUND FUND FUND FUND ---------- ----------- ----------- ----------- ----------- ----------- Increase in Assets: Contributions: Employer $15,738 $15,738 $ - $ - $ - $ - Employee 46,362 - 32,419 11,940 2,003 - ---------- ----------- ----------- ----------- ----------- ----------- 62,100 15,738 32,419 11,940 2,003 - Investment income from Plan's interest in master trust 52,776 26,211 10,263 14,897 725 680 Decrease in Assets: Benefits paid to participants or their beneficiaries 7,970 2,097 4,813 970 (71) 161 Administrative Expenses 19 - - - 19 - ---------- ----------- ----------- ----------- ----------- ----------- 7,989 2,097 4,813 970 (52) 161 Transfers: Transfers between Plans 16,186 425 11,236 3,891 182 452 Transfers between funds - - (800) 740 60 - Transfers to or from Plan - - 36 (18) (18) - Loans to participants - - (5,936) (1,625) (64) 7,625 Loan repayments: Principal - - 3,871 1,172 83 (5,126) Interest - - 519 163 12 (694) ---------- ----------- ----------- ----------- ----------- ----------- 16,186 425 8,926 4,323 255 2,257 ---------- ----------- ----------- ----------- ----------- ----------- Increase in Assets during the year 123,073 40,277 46,795 30,190 3,035 2,776 Net Assets at beginning of year 233,664 63,741 124,954 32,107 2,076 10,786 ---------- ----------- ----------- ----------- ----------- ----------- Net Assets at end of year $356,737 $104,018 $171,749 $62,297 $5,111 $13,562 ========== =========== =========== =========== =========== ===========
(Dollars in Thousands) December 31, 1994 ------------------------------------------------------------------------- FUND INFORMATION ------------------------------------------------------------- COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL FUND 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 =========== =========== =========== =========== ========== =========== STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION December 31, 1994 ------------------------------------------------------------------------- FUND INFORMATION ------------------------------------------------------------- COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL FUND FUND FUND FUND FUND ----------- ----------- ----------- ----------- ---------- ----------- Increase in Assets: Contributions: Employer $8,624 $8,624 $ - $ - $ - $ - Employee 27,106 - 18,705 7,850 551 - ----------- ----------- ----------- ----------- ---------- ----------- 35,730 8,624 18,705 7,850 551 - Investment income from Plan's interest in master trust (10,638) (19,533) 7,775 462 (1) 659 Decrease in Assets: Benefits paid to participants or their beneficiaries 3,871 1,078 2,394 255 10 134 Administrative Expenses 10 - - - 10 - ----------- ----------- ----------- ----------- ---------- ----------- 3,881 1,078 2,394 255 20 134 Transfers: Transfers between Plans (101) (44) (11) (48) 1 1 Transfers between funds - - 208 (1,697) 1,489 - Transfers to or from Plan 51 - 16 17 18 - Loans to participants - - (3,921) (1,094) (35) 5,050 Loan repayments: Principal - - 2,968 875 61 (3,904) Interest - - 498 149 12 (659) ----------- ----------- ----------- ----------- ---------- ----------- (50) (44) (242) (1,798) 1,546 488 ----------- ----------- ----------- ----------- ---------- ----------- Increase in Assets during the year 21,161 (12,031) 23,844 6,259 2,076 1,013 Net Assets at beginning of year 212,503 75,772 101,110 25,848 - 9,773 ----------- ----------- ----------- ----------- ---------- ----------- Net Assets at end of year $233,664 $63,741 $124,954 $32,107 $2,076 $10,786 =========== =========== =========== =========== ========== ===========
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, 1995 ----------------- 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 Northern Trust Company (the "Trustee") Trust Agreement, effective November 1, 1995. 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 in the master trust were transferred accordingly. 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, 1995 and 1994, 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 1995 and 1994, the Plan's interest in the master trust was 26.1% and 22.2%, 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. 4 8 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. 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 1995 plan year, approximately 15,875 employees (7,800 in 1994) of the Company were eligible with approximately 12,640 employees participating in the Plan in 1995 (6,600 in 1994). 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 5 9 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 401(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 1995 and 1994, the Company matched the first 6% of employee contributions, up to $9,240 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. - 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 the Trustee. - Company Stock Fund - employer contributions are invested in Goodyear common stock except for short-term investments needed for Plan operations. During 1995, the price per share of Goodyear common stock on The New York Stock Exchange Composite Transactions ranged from $33.000 to $47.500 ($31.625 to $49.250 during 1994). The closing price per share was $45.375 at December 31, 1995 ($33.625 at December 31, 1994). 6 10 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 12 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. 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 1995 and 1994, the Plan had forfeiture credits in the amounts of $22,570 and $0, respectively. 7 11 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 reduced by the highest outstanding balance of any loan during the preceeding twelve month period, 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 8.75% to 10.0% during 1995 and 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 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. The plan administrator does not anticipate that changes in the Plan or other events occuring after the receipt of the IRS ruling will affect the qualification of the Plan or the tax exempt status of the Trust. 8 12 SUBSEQUENT EVENT: - ----------------- The Plan was amended and restated effective February 1, 1996, for the following items: - Vesting of employer matching contributions was changed to four years of continuous service. - All investment funds are valued daily. - Eligibility was shortened to a minimum of six months of continuous service. - Names of the existing investment funds were changed, and five new investment funds were established for employee contributions: one each that invests in large capitalization equities, small capitalization equities, and international equities. In addition, two additional funds were added that offer investments in a combination of stocks and bonds. - Participating employees can elect to have their current contributions invested in any of the funds available for employee contributions, or in any combination of these funds on a daily basis in one percent increments. Participating employees may also transfer amounts invested in any fund made available for employee contributions on a daily basis in one percent increments. - Upon attainment of age 52, employees may transfer Company matching contributions out of the Company Stock Fund and into any fund available for employee contributions. - Maximum number of loans that a participant may have outstanding was increased from one to two. FINANCIAL DATA OF THE MASTER TRUST: - ----------------------------------- 9 13 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, 1995 ------------------------------------------------------------------------ FUND INFORMATION ------------------------------------------------------------ COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL FUND FUND FUND FUND FUND ---------- ----------- ----------- ----------- ---------- ---------- Contributions: Employer $37,870 $37,537 $333 $ - $ - $ - Employee 112,285 - 78,683 29,646 3,956 - ------------ ---------- ----------- ---------- ---------- ---------- 150,155 37,537 79,016 29,646 3,956 - Interest and dividend income 53,593 $8,556 42,610 239 104 2,084 Net appreciation in fair market value of Assets 160,228 102,944 130 53,965 3,189 - ------------ ---------- ----------- ---------- ---------- ---------- 213,821 111,500 42,740 54,204 3,293 2,084 Decrease in Assets: Benefits paid to participants or their beneficiaries 52,215 $14,330 31,014 5,487 422 962 Administrative Expenses 73 - - - 73 - ------------ ---------- ----------- ---------- ---------- ---------- 52,288 14,330 31,014 5,487 495 962 Transfers: Transfers between Plans 1 2 (42) 42 - (1) Transfers between funds - - (2,867) 3,190 (323) - Transfers to or from Plan - - 294 (145) (149) - Loans to participants - - (17,337) (4,489) (274) 22,100 Loan repayments: Principal - - 13,110 4,138 356 (17,604) Interest - - 1,690 510 45 (2,245) ------------ ---------- ----------- ---------- ---------- ---------- 1 2 (5,152) 3,246 (345) 2,250 ------------ ---------- ----------- ---------- ---------- ---------- Increase in Assets during the year 311,689 134,709 85,590 81,609 6,409 3,372 Net Assets at beginning of year 1,054,682 286,777 584,627 133,309 12,763 37,206 ------------ ---------- ----------- ---------- ---------- ---------- Net Assets at end of year $1,366,371 $421,486 $670,217 $214,918 $19,172 $40,578 ============ ========== =========== ========== ========== ==========
For the year ended December 31, 1994 ------------------------------------------------------------------------ FUND INFORMATION ------------------------------------------------------------ COMPANY FIXED STOCK STOCK INTEREST EQUITY BALANCED LOAN TOTAL FUND FUND FUND FUND FUND ---------- ----------- ----------- ----------- ---------- ---------- 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 Administrative Expenses 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 =========== =========== =========== ========== ========== ==========
-10- 14 THE GOODYEAR TIRE & RUBBER COMPANY ---------------------------------- MASTER TRUST ------------ STATEMENT OF NET ASSETS WITH FUND INFORMATION --------------------------------------------- (Dollars in Thousands)
For the year ended December 31, 1995 ------------------------------------------------------------------------- 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 $601,512 $ - $601,512 $ - $ - $ - Common Stock of The Goodyear Tire & Rubber Company, cost $220,265 -- 9,196,871 shares ($189,868 -- 8,468,457 shares in 1994) 417,309 417,309 - - - - Pooled Balanced Fund 18,809 - - - 18,809 - $18,164 -- 1,815,442 units Pooled Common Stock, cost $202,938 -- 14,834,407 units ($115,000 -- 139,595 units in 1994) 213,765 - - 213,765 - - Pooled Fixed Income - - - - - - ($4,204 -- 2,793,749 units in 1994) Short-term investments 61,352 1,199 60,153 - - - Promissory notes 43,952 - - - 43,952 ----------- ----------- ----------- ----------- ---------- ---------- 1,356,699 418,508 661,665 213,765 18,809 43,952 Receivables Employee Contributions 6,344 - 5,766 284 294 - Employer Contributions 2,968 2,968 - - - - Transfers - - - - - - Loan repayments - - 2,436 869 69 (3,374) Accrued interest and dividends 267 9 258 - - - Reimbursement for expenses 22 22 - - - - Distribution Receivable 112 20 92 - - - ----------- ----------- ----------- ----------- ---------- ---------- 9,713 3,019 8,552 1,153 363 (3,374) ----------- ----------- ----------- ----------- ---------- ---------- Total Assets 1,366,412 421,527 670,217 214,918 19,172 40,578 Liabilities Payable for purchased securities - - - - - - Administrative expenses payable - - - - - - Distributions payable - - - - - - Forfeiture credits 41 41 - - - - ----------- ----------- ----------- ----------- ---------- ---------- Total Liabilities 41 41 - - - - ----------- ----------- ----------- ----------- ---------- ---------- Net Assets $1,366,371 $421,486 $670,217 $214,918 $19,172 $40,578 =========== =========== =========== =========== ========== ==========
For the year ended 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 $220,265 -- 9,196,871 shares ($189,868 -- 8,468,457 shares in 1994) 284,752 284,752 - - - - Pooled Balanced Fund - - - - - - $18,164 -- 1,815,442 units Pooled Common Stock, cost $202,938 -- 14,834,407 units ($115,000 -- 139,595 units in 1994) 139,937 - - 134,094 5,843 - Pooled Fixed Income 4,175 - - - 4,175 - ($4,204 -- 2,793,749 units in 1994) 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 - - - - Distribution Receivable - - - - - - ----------- ----------- ----------- ----------- ---------- ---------- 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 =========== =========== =========== =========== ========== ==========
-11- EX-23 2 EXHIBIT 23 1 EXHIBIT 23 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-65183) of The Goodyear Tire & Rubber Company of our report dated June 18, 1996 appearing at page 2 Annex A of this Form 11-K. /s/ Price Waterhouse LLP PRICE WATERHOUSE LLP Cleveland, Ohio June 25, 1996 -----END PRIVACY-ENHANCED MESSAGE-----