-----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, UD2cby1LDv05iOIMDFvFMrETqQb/JkCDs20wguEGfiI7RciF7eDeIfmwynPHtsCS dEosMNILn99WCL2QZ/4sfQ== 0000950152-98-005569.txt : 19980626 0000950152-98-005569.hdr.sgml : 19980626 ACCESSION NUMBER: 0000950152-98-005569 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980625 SROS: NONE 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: SEC FILE NUMBER: 001-01927 FILM NUMBER: 98654385 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 CELERON CORP EMP. SAV. PLAN 11-K 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 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997 COMMISSION FILE NUMBER: 1-1927 CELERON CORPORATION EMPLOYEE SAVINGS PLAN (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 CELERON CORPORATION EMPLOYEE SAVINGS PLAN ITEM 1. Not applicable. ITEM 2. Not applicable. ITEM 3. Not applicable. ITEM 4. FINANCIAL STATEMENTS OF THE PLAN The Financial Statements of the Celeron Corporation Employee Savings Plan for the fiscal year ended December 31, 1997, 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. 33-65185 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 (AS THE ISSUER) AND CELERON CORPORATION, PLAN ADMINISTRATOR OF THE CELERON CORPORATION EMPLOYEE SAVINGS PLAN Dated: June 25, 1998 By: /s/ Richard W Hauman -------------------------------------------- Richard W Hauman, Vice President and Treasurer of The Goodyear Tire & Rubber Company and Assistant Treasurer and Assistant Comptroller of Celeron Corporation 1 3 ANNEX A TO FORM 11-K CELERON CORPORATION EMPLOYEE SAVINGS PLAN * * * * * FINANCIAL STATEMENTS DECEMBER 31, 1997 4 [PRICE WATERHOUSE LOGO] CELERON CORPORATION EMPLOYEE SAVINGS PLAN FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 5 CELERON CORPORATION EMPLOYEE SAVINGS PLAN INDEX TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------
PAGE ---- Report of Independent Accountants 2 Financial Statements: Statement of Net Assets Available for Plan Benefits, with Fund Information at December 31, 1997 and 1996 3-4 Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information for the Years Ended December 31, 1997 and 1996 3-4 Notes to Financial Statements 5-15
Note: Certain schedules required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because of the absence of the conditions under which they are required. 6 PRICE WATERHOUSE [PRICE WATERHOUSE LOGO] REPORT OF INDEPENDENT ACCOUNTANTS June 15, 1998 To the Plan Administrator and Participants of the Celeron Corporation Employee Savings Plan (sponsored by Celeron Corporation) 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 Celeron Corporation Employee Savings Plan (sponsored by Celeron Corporation) at December 31, 1997 and 1996, 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 7 CELERON CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION - --------------------------------------------------------------------------------
(Dollars in Thousands) December 31, 1997 ------------------------------------------------------------------------------- Fund Information ----------------------------------------------------------------- Conservative Moderate Aggressive S&P 500 Stable Asset Asset Asset Equity Value Allocation Allocation Allocation Index Total Fund Fund Fund Fund Fund ----- ---- ---- ---- ---- ---- Plan's Interest in Master Trust Representing Total Assets Available for Plan Benefits $10,762 $ 1,778 $ 33 $ 201 $ 74 $ 4,220 ======= ======= ======= ======= ======= =======
December 31, 1997 ------------------------------------------------------------------------- Fund Information ------------------------------------------------------------------------- Large Small International Capitalization Capitalization Stock Company Equity Equity Equity Stock Loan Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- Plan's Interest in Master Trust Representing Total Assets Available for Plan Benefits $ 195 $ 413 $ 134 $ 3,150 $ 564 ======= ======= ======= ======= =======
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION - --------------------------------------------------------------------------------
(Dollars in Thousands) For the Year Ended December 31, 1997 --------------------------------------------------------------------------------------- Fund Information ------------------------------------------------------------------------ Conservative Moderate Aggressive S&P 500 Stable Asset Asset Asset Equity Value Allocation Allocation Allocation Index Total Fund Fund Fund Fund Fund ----- ---- ---- ---- ---- ---- Increase in Assets: Contributions: Employer $ 151 $ -- $ -- $ -- $ -- $ -- Employee 548 130 11 29 17 285 -------- -------- -------- -------- -------- -------- 699 130 11 29 17 285 Investment Income from Plan's Interest in Master Trust 1,939 117 3 36 8 998 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 296 136 -- 4 2 72 Administrative Expenses 4 1 -- -- -- 3 -------- -------- -------- -------- -------- -------- 300 137 -- 4 2 75 Transfers: Transfers Between Plans -- -- -- -- -- -- Transfers Between Funds -- (184) (1) 8 13 180 Loan Transfers To or From Plan -- -- -- -- -- -- Loans to Participants -- (88) (2) (18) (8) (159) Loan Repayments: Principal -- 61 8 14 11 159 Interest -- 12 2 2 2 28 -------- -------- -------- -------- -------- -------- -- (199) 7 6 18 208 -------- -------- -------- -------- -------- -------- Increase in Assets During the Year 2,338 (89) 21 67 41 1,416 Net Assets at Beginning of Year 8,424 1,867 12 134 33 2,804 -------- -------- -------- -------- -------- -------- Net Assets at End of Year $ 10,762 $ 1,778 $ 33 $ 201 $ 74 $ 4,220 ======== ======== ======== ======== ======== ========
For the Year Ended December 31, 1997 -------------------------------------------------------------------------------- Fund Information -------------------------------------------------------------------------------- Large Small International Capitalization Capitalization Stock Company Equity Equity Equity Stock Loan Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- Increase in Assets: Contributions: Employer $ -- $ -- $ -- $ 151 $ -- Employee 17 46 13 -- -- -------- -------- -------- -------- -------- 17 46 13 151 -- Investment Income from Plan's Interest in Master Trust 23 37 5 659 53 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries -- -- -- 82 -- Administrative Expenses -- -- -- -- -- -------- -------- -------- -------- -------- -- -- -- 82 -- Transfers: Transfers Between Plans -- -- -- -- -- Transfers Between Funds 35 66 29 (146) -- Loan Transfers To or From Plan -- -- -- -- -- Loans to Participants (6) (22) (2) -- 305 Loan Repayments: Principal 16 22 4 -- (295) Interest 1 5 1 -- (53) -------- -------- -------- -------- -------- 46 71 32 (146) (43) -------- -------- -------- -------- -------- Increase in Assets During the Year 86 154 50 582 10 Net Assets at Beginning of Year 109 259 84 2,568 554 -------- -------- -------- -------- -------- Net Assets at End of Year $ 195 $ 413 $ 134 $ 3,150 $ 564 ======== ======== ======== ======== ========
The accompanying notes are an integral part of these statements. -3- 8 CELERON CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION - --------------------------------------------------------------------------------
(Dollars in Thousands) December 31, 1996 --------------------------------------------------------------------------------------- Fund Information ---------------------------------------------------------------------- Conservative Moderate Aggressive S&P 500 Stable Asset Asset Asset Equity Value Allocation Allocation Allocation Index Total Fund Fund Fund Fund Fund ----- ---- ---- ---- ---- ---- Plan's Interest in Master Trust Representing Total Assets Available for Plan Benefits $8,424 $1,867 $ 12 $ 134 $ 33 $2,804 ====== ====== ====== ====== ====== ======
December 31, 1996 ------------------------------------------------------------------------------ Fund Information ------------------------------------------------------------------------------ Large Small International Capitalization Capitalization Stock Company Equity Equity Equity Stock Loan Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- Plan's Interest in Master Trust Representing Total Assets Available for Plan Benefits $ 109 $ 259 $ 84 $2,568 $ 554 ====== ====== ====== ====== ======
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION - -------------------------------------------------------------------------
(Dollars in Thousands) For the Year Ended December 31, 1996 --------------------------------------------------------------------------------------- Fund Information ----------------------------------------------------------------------- Conservative Moderate Aggressive S&P 500 Stable Asset Asset Asset Equity Value Allocation Allocation Allocation Index Total Fund Fund Fund Fund Fund ----- ---- ---- ---- ---- ---- Increase in Assets: Contributions: Employer $ 143 $ -- $ -- $ -- $ -- $ -- Employee 451 138 6 20 13 227 ------- ------- ------- ------- ------- ------- 594 138 6 20 13 227 Investment Income from Plan's Interest in Master Trust 1,055 107 1 10 4 492 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 352 107 -- -- -- 92 Administrative Expenses 7 3 -- -- -- 3 ------- ------- ------- ------- ------- ------- 359 110 -- -- -- 95 Transfers: Transfers Between Plans 2 -- -- -- -- -- Transfers Between Funds (1) (197) 47 16 (211) Loan Transfers To or From Plan -- -- -- -- -- -- Loans to Participants 1 (137) (1) (8) (6) (202) Loan Repayments: -- -- -- -- -- -- Principal (1) 55 4 6 5 119 Interest 1 15 2 2 1 23 ------- ------- ------- ------- ------- ------- 2 (264) 5 47 16 (271) ------- ------- ------- ------- ------- ------- Increase in Assets During the Year 1,292 (129) 12 77 33 353 Net Assets at Beginning of Year 7,132 1,996 -- 57 -- 2,451 ------- ------- ------- ------- ------- ------- Net Assets at End of Year $ 8,424 $ 1,867 $ 12 $ 134 $ 33 $ 2,804 ======= ======= ======= ======= ======= =======
For the Year Ended December 31, 1996 ------------------------------------------------------------------------------ Fund Information ------------------------------------------------------------------------------ Large Small International Capitalization Capitalization Stock Company Equity Equity Equity Stock Loan Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- Increase in Assets: Contributions: Employer $ -- $ -- $ -- $ 143 $ -- Employee 12 30 5 -- -- ------- ------- ------- ------- ------- 12 30 5 143 -- Investment Income from Plan's Interest in Master Trust 10 27 6 355 43 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 16 -- -- 137 -- Administrative Expenses -- -- -- 1 -- ------- ------- ------- ------- ------- 16 -- -- 138 -- Transfers: Transfers Between Plans -- -- -- 2 -- Transfers Between Funds 109 212 69 (46) -- Loan Transfers To or From Plan -- -- -- -- -- Loans to Participants (10) (26) -- -- 391 Loan Repayments: -- -- -- -- -- Principal 3 13 3 -- (209) Interest 1 3 1 -- (47) ------- ------- ------- ------- ------- 103 202 73 (44) 135 ------- ------- ------- ------- ------- Increase in Assets During the Year 109 259 84 316 178 Net Assets at Beginning of Year -- -- -- 2,252 376 ------- ------- ------- ------- ------- Net Assets at End of Year $ 109 $ 259 $ 84 $ 2,568 $ 554 ======= ======= ======= ======= =======
The accompanying notes are an integral part of these statements. -4- 9 CELERON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------- 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: BASIS OF ACCOUNTING The accounts of the Celeron Corporation Employee Savings Plan (the "Plan") are maintained on the accrual basis of accounting and in accordance with The Northern Trust Company (the "Trustee") Trust Agreement, effective as of November 1, 1995. 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, 1997 and 1996 the Company sponsored six savings plans. The Plan's undivided interest in the trust is presented in the accompanying financial statements in accordance with the allocation made by the Trustee. At December 31, 1997 and 1996, the Plan's undivided interest in the master trust was 0.5%. ASSET VALUATION The majority of 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 Stable Value Fund are invested in various instruments that have a rate of return, and are reported at contract value. Investments in the Conservative Asset Allocation Fund, Moderate Asset Allocation Fund, Aggressive Asset Allocation Fund, S&P 500 Index Stock Equity Fund, Small Capitalization Stock Equity Fund, Large Capitalization Stock Equity Fund, and the International Stock Equity Fund are valued based on units of participation in commingled funds and mutual funds as reported by the fund manager, which approximates fair market value. 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. -5- 10 CELERON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------- 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 current market value at the time of distribution. CONCENTRATION OF CREDIT RISK The Stable Value Fund of the Plan invests part of the fund in investment contracts of financial institutions with strong credit ratings and has established guidelines relative to diversification and maturities that maintain safety and liquidity. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the basic financial statements and related notes to financial statements. Changes in such estimates may affect amounts reported in future years. 2. GENERAL DESCRIPTION AND OPERATION OF THE PLAN: INCEPTION The Plan is a defined contribution plan which became effective April l, 1985. ELIGIBILITY All employees, including officers, of the Celeron Corporation are eligible to participate in the Plan after completing up to one year of continuous service depending upon hire date. At the end of the 1997 Plan year, approximately 135 employees (132 in 1996) of the Company were eligible with approximately 111 employees (112 in 1996) participating in the Plan. VESTING Employee contributions are fully vested. Employer matching contributions become vested after the participant has completed four years of continuous service with the Company. -6- 11 CELERON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------- CONTRIBUTIONS Eligible employees may 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 may elect to have their contributions invested in the Stable Value Fund, Conservative Asset Allocation Fund, Moderate Asset Allocation Fund, Aggressive Asset Allocation Fund, S&P 500 Index Stock Equity Fund, Small Capitalization Stock Equity Fund, Large Capitalization Stock Equity Fund, the International Stock Equity Fund, or in any combination of these eight funds in multiples of 1%. 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 any time up to the 15th day of the month for changes to be effective on the first day of the following month. Employees may transfer amounts attributable to employee contributions from one fund to the other on a daily. The minimum amount to be transferred is $100. Eligible employees may enroll in the Plan effective on the 1st day of the month by enrolling by the 15th day of the prior month. Employees may suspend their contributions at any time effective immediately. Employees who are 52 years of age or older are able to transfer employer contributions from the Company Stock Fund into the plan's other investment funds. The Plan has been established under section 401 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. The Company matching contributions are limited to the first 6% of employee contributions at the rate of 50% and employee contributions are limited to $9,500 in both 1997 and 1996. INVESTMENTS The Trustee of the Plan maintains the following ten funds under the Plan: - Stable Value Fund - Employee contributions are invested in various investment contracts which provide for rates of return for particular periods of time. -7- 12 CELERON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------- - Conservative Asset Allocation Fund - Employee contributions are invested in a commingled fund containing a portfolio of U.S. common stocks and bonds which provide an investment return similar to a portfolio invested 40% in the Russell 3000 Equity Index plus reinvested dividends and 60% in bonds which compose the Lehman Aggregate Long-Term Bond Index. - Moderate Asset Allocation Fund - Employee contributions are invested in a commingled fund containing a portfolio of U.S. common stocks and bonds which provide an investment return similar to a portfolio invested 60% in the Russell 3000 Equity Index plus reinvested dividends and 40% in bonds which compose the Lehman Aggregate Long-Term Bond Index. - Aggressive Asset Allocation Fund - Employee contributions are invested in a commingled fund containing a portfolio of U.S. common stocks, international stocks, and bonds which provide an investment return similar to a portfolio invested 65% in the Russell 3000 Equity Index plus reinvested dividends, 15% in the MSCI EAFE Index, and 20% in bonds which compose the Lehman Aggregate Long-Term Bond Index. - S&P 500 Index Stock Equity Fund - Employee contributions are invested in a commingled fund consisting of a portfolio of common stocks which provide a return similar to the Standard and Poor's Composite Index of 500 stocks plus reinvested dividends. - Large Capitalization Stock Equity Fund - Employee contributions are invested in a commingled fund containing a portfolio of common stocks of medium and large companies that are expected to provide better-than-average prospects for appreciation. - Small Capitalization Stock Equity Fund - Employee contributions are invested in a commingled fund containing a portfolio of common stocks of small companies that are expected to provide long-term capital growth. - International Stock Equity Fund - Employee contributions are invested in a commingled fund containing a portfolio of common stocks and debt obligations of companies and governments located outside of the United States that are expected to provide long-term capital growth. -8- 13 CELERON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------- - 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 prime plus 1% as 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 1997, the price per share of Goodyear common stock on The New York Stock Exchange Composite Transactions ranged from $49.25 to $71.25 ($41.50 to $53.00 during 1996). The closing price per share was $63.63 at December 31, 1997 ($51.38 at December 31, 1996). PARTICIPANT ACCOUNTS A Stable Value Fund, Conservative Asset Allocation Fund, Moderate Asset Allocation Fund, Aggressive Asset Allocation Fund, S&P 500 Index Stock Equity Fund, Small Capitalization Stock Equity Fund, Large Capitalization Stock Equity Fund, the International Stock Equity Fund, Loan Investment Fund, and Company Stock Fund have been established for each participant in the Plan. All accounts are valued daily 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 Conservative Asset Allocation Fund, Moderate Asset Allocation Fund, Aggressive Asset Allocation Fund, S&P 500 Index Stock Equity Fund, Small Capitalization Stock Equity Fund, Large Capitalization Stock Equity Fund, the International Stock Equity Fund, and the Company Stock 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: -9- 14 CELERON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------- - Unreimbursed medical expense of participant, spouse, or dependent. - Post-secondary education of participant, spouse, or dependent. - Prevention of eviction from primary residence or the foreclosure on the mortgage of the 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. Contributions to the Plan are suspended for 12 months subsequent to a financial hardship withdrawal. 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 1997 and 1996, the Plan had forfeiture credits in the amounts of $13,062 and $9,613, 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 reduced by the highest outstanding balance of any loan during the preceding twelve month period, or 50% of the participant's vested account balance. Effective February 1, 1996, the maximum number of loans that a participant may have outstanding was increased from one to two. The interest rate charged will be a fixed rate which will be established at the time of the loan application. The interest rate at the beginning of 1997 was 9.25%, but was changed to 9.50% at the end of March. The interest rate during 1996 was 9.25%. 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 were paid partly by the Company and partly by the Trust. 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 Investment Funds are paid from such Funds which reduces the investment return reported and credited to participant accounts. -10- 15 CELERON CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 - -------------------------------------------------------------------------------- TERMINATION PROVISIONS The Company anticipates and believes that the Plan will continue, 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. 3. RELATED PARTY TRANSACTIONS: The Trustee serves as the fund manager of the S&P 500 Equity Index Fund. The Company Stock Fund is designed primarily for investment in common stock of the Company. 4. TAX STATUS OF PLAN: The IRS has advised on August 15, 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 occurring after the receipt of the IRS ruling will affect the qualification of the Plan or the tax exempt status of the Trust. 5. SUBSEQUENT EVENT On March 21, 1998, the Company reached an agreement to sell substantially all of the assets and liabilities of its oil transportation business segment, which includes Celeron Corporation, to Plains All American Inc., a subsidiary of Plains Resources Inc. The sale is expected to be completed by July 1998. As a result of the sale, there will no longer be any active participants in the Plan. 6. FINANCIAL DATA OF THE MASTER TRUST: (SEE PAGES 12 - 15) -11- 16 THE GOODYEAR TIRE & RUBBER COMPANY MASTER TRUST STATEMENT OF NET ASSETS, WITH FUND INFORMATION - --------------------------------------------------------------------------------
(Dollars in Thousands) December 31, 1997 ----------------------------------------------------------------------- Fund Information -------------------------------------------------------- Conservative Moderate Aggressive Stable Asset Asset Asset Value Allocation Allocation Allocation Total Fund Fund Fund Fund ----- ---- ---- ---- ---- Assets: Investments at Fair Market Value: State Street Income and Growth Fund, Cost $14,517 - 1,289,423 Units $ 16,463 $ -- $ 16,463 $ -- $ -- State Street Moderate Asset Allocation Fund, Cost $41,282 - 3,675,050 Units 53,127 -- -- 53,127 -- State Street Life Solutions Growth A, Cost $15,514 - 1,179,187 Units 18,931 -- -- -- 18,931 Collective Daily Stock Index Fund, Cost $306,918 - 19,116,281 Units 451,335 -- -- -- -- Twentieth Century Investors Income Ultra Fund, Cost $45,978 - 1,555,172 Units 42,456 -- -- -- -- Franklin Strategic Series Small Cap Growth Fund, Cost $58,150 - 2,732,539 Units 62,657 -- -- -- -- Templeton Foreign Fund, Cost $26,699 - 2,573,654 Units 25,608 -- -- -- -- Common Stock of The Goodyear Tire & Rubber Company, Cost $207,812 - 8,275,576 Shares 526,534 -- -- -- -- Short-Term Investments 24,286 12,310 -- -- -- Promissory Notes 85,517 -- -- -- -- ---------- ---------- ---------- ---------- ---------- 1,306,914 12,310 16,463 53,127 18,931 ---------- ---------- ---------- ---------- ---------- Investments at Contract Value: Guaranteed Investment Contracts 656,767 656,767 -- -- -- ---------- ---------- ---------- ---------- ---------- Receivables: Employee Contributions -- -- -- -- -- Employer Contributions 12 -- -- -- -- Transfers -- 723 128 5 (1) Accrued Interest and Dividends 1,886 1,160 3 11 4 Pending Security Sales -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 1,898 1,883 131 16 3 ---------- ---------- ---------- ---------- ---------- Total Assets 1,965,579 670,960 16,594 53,143 18,934 ---------- ---------- ---------- ---------- ---------- Liabilities: Administrative Expenses Payable 113 72 -- -- -- Distributions Payable -- -- -- -- -- Forfeiture Credits -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Liabilities 113 72 -- -- -- ---------- ---------- ---------- ---------- ---------- Net Assets $1,965,466 $ 670,888 $ 16,594 $ 53,143 $ 18,934 ========== ========== ========== ========== ==========
December 31, 1997 ------------------------------------------------------------------- Fund Information ------------------------------------------------------------------- S&P 500 Large Small International Equity Capitalization Capitalization Stock Index Equity Equity Equity Fund Fund Fund Fund ---- ---- ---- ---- Assets: Investments at Fair Market Value: State Street Income and Growth Fund, Cost $14,517 - 1,289,423 Units $ -- $ -- $ -- $ -- State Street Moderate Asset Allocation Fund, Cost $41,282 - 3,675,050 Units -- -- -- -- State Street Life Solutions Growth A, Cost $15,514 - 1,179,187 Units -- -- -- -- Collective Daily Stock Index Fund, Cost $306,918 - 19,116,281 Units 451,335 -- -- -- Twentieth Century Investors Income Ultra Fund, Cost $45,978 - 1,555,172 Units -- 42,456 -- -- Franklin Strategic Series Small Cap Growth Fund, Cost $58,150 - 2,732,539 Units -- -- 62,657 -- Templeton Foreign Fund, Cost $26,699 - 2,573,654 Units -- -- -- 25,608 Common Stock of The Goodyear Tire & Rubber Company, Cost $207,812 - 8,275,576 Shares -- -- -- -- Short-Term Investments -- -- -- -- Promissory Notes -- -- -- -- ---------- ---------- ---------- ---------- 451,335 42,456 62,657 25,608 ---------- ---------- ---------- ---------- Investments at Contract Value: Guaranteed Investment Contracts -- -- -- -- ---------- ---------- ---------- ---------- Receivables: Employee Contributions -- -- -- -- Employer Contributions -- -- -- -- Transfers (1,081) 82 97 (260) Accrued Interest and Dividends 535 9 12 (6) Pending Security Sales -- -- -- -- ---------- ---------- ---------- ---------- (546) 91 109 (266) ---------- ---------- ---------- ---------- Total Assets 450,789 42,547 62,766 25,342 ---------- ---------- ---------- ---------- Liabilities: Administrative Expenses Payable 41 -- -- -- Distributions Payable -- -- -- -- Forfeiture Credits -- -- -- -- ---------- ---------- ---------- ---------- Total Liabilities 41 -- -- -- ---------- ---------- ---------- ---------- Net Assets $ 450,748 $ 42,547 $ 62,766 $ 25,342 ========== ========== ========== ==========
December 31, 1997 ------------------------ Fund Information ------------------------ Company Stock Loan Fund Fund ---- ---- Assets: Investments at Fair Market Value: State Street Income and Growth Fund, Cost $14,517 - 1,289,423 Units $ -- $ -- State Street Moderate Asset Allocation Fund, Cost $41,282 - 3,675,050 Units -- -- State Street Life Solutions Growth A, Cost $15,514 - 1,179,187 Units -- -- Collective Daily Stock Index Fund, Cost $306,918 - 19,116,281 Units -- -- Twentieth Century Investors Income Ultra Fund, Cost $45,978 - 1,555,172 Units -- -- Franklin Strategic Series Small Cap Growth Fund, Cost $58,150 - 2,732,539 Units -- -- Templeton Foreign Fund, Cost $26,699 - 2,573,654 Units -- -- Common Stock of The Goodyear Tire & Rubber Company, Cost $207,812 - 8,275,576 Shares 526,534 -- Short-Term Investments 11,976 -- Promissory Notes -- 85,517 ---------- ---------- 538,510 85,517 ---------- ---------- Investments at Contract Value: Guaranteed Investment Contracts -- -- ---------- ---------- Receivables: Employee Contributions -- -- Employer Contributions 12 -- Transfers (18) 325 Accrued Interest and Dividends 168 (10) Pending Security Sales -- -- ---------- ---------- 162 315 ---------- ---------- Total Assets 538,672 85,832 ---------- ---------- Liabilities: Administrative Expenses Payable -- -- Distributions Payable -- -- Forfeiture Credits -- -- ---------- ---------- Total Liabilities -- -- ---------- ---------- Net Assets $ 538,672 $ 85,832 ========== ==========
-12- 17 THE GOODYEAR TIRE & RUBBER COMPANY MASTER TRUST STATEMENT OF NET ASSETS, WITH FUND INFORMATION - --------------------------------------------------------------------------------
(Dollars in Thousands) December 31, 1996 -------------------------------------------------------------- Fund Information --------------------------------------------- Conservative Moderate Stable Asset Asset Value Allocation Allocation Total Fund Fund Fund ----- ---- ---- ---- Assets: Investments at Fair Market Value: State Street Income and Growth Fund, Cost $6,870 - 675,788 Units $ 7,363 $ -- $ 7,363 $ -- State Street Moderate Asset Allocation Fund, Cost $30,809 - 2,951,057 Units 35,076 -- -- 35,076 State Street Life Solutions Growth A, Cost $11,639 - 949,240 Units 12,772 -- -- -- Collective Daily Stock Index Fund, Cost $231,718 - 16,369,098 Units 290,060 -- -- -- Twentieth Century Investors Income Ultra Fund, Cost $25,304 - 909,122 Units 25,537 -- -- -- Franklin Strategic Series Small Cap Growth Fund, Cost $42,224 - 2,188,282 Units 45,341 -- -- -- Templeton Foreign Fund, Cost $15,889 - 1,639,127 Units 16,981 -- -- -- Common Stock of The Goodyear Tire & Rubber Company, Cost $206,299 - 8,448,371 Shares 434,035 -- -- -- Short-Term Investments 29,439 22,775 -- -- Promissory Notes 80,906 -- -- -- ---------- ---------- ---------- ---------- 977,510 22,775 7,363 35,076 ---------- ---------- ---------- ---------- Investments at Contract Value: Guaranteed Investment Contracts 644,122 644,122 -- -- ---------- ---------- ---------- ---------- Receivables: Employee Contributions 28 16 -- 1 Employer Contributions 70 (13) -- -- Transfers -- 117 -- (61) Accrued Interest and Dividends 2,555 1,065 11 53 Pending Security Sales 2,481 -- -- -- ---------- ---------- ---------- ---------- 5,134 1,185 11 (7) ---------- ---------- ---------- ---------- Total Assets 1,626,766 668,082 7,374 35,069 ---------- ---------- ---------- ---------- Liabilities: Administrative Expenses Payable 899 452 -- -- Distributions Payable 504 232 2 11 Forfeiture Credits -- -- -- -- ---------- ---------- ---------- ---------- Total Liabilities 1,403 684 2 11 ---------- ---------- ---------- ---------- Net Assets $1,625,363 $ 667,398 $ 7,372 $ 35,058 ========== ========== ========== ==========
December 31, 1996 --------------------------------------------------------------------- Fund Information --------------------------------------------------------------------- Aggressive S&P 500 Large Small Asset Equity Capitalization Capitalization Allocation Index Equity Equity Fund Fund Fund Fund ---- ---- ---- ---- Assets: Investments at Fair Market Value: State Street Income and Growth Fund, Cost $6,870 - 675,788 Units $ -- $ -- $ -- $ -- State Street Moderate Asset Allocation Fund, Cost $30,809 - 2,951,057 Units -- -- -- -- State Street Life Solutions Growth A, Cost $11,639 - 949,240 Units 12,772 -- -- -- Collective Daily Stock Index Fund, Cost $231,718 - 16,369,098 Units -- 290,060 -- -- Twentieth Century Investors Income Ultra Fund, Cost $25,304 - 909,122 Units -- -- 25,537 -- Franklin Strategic Series Small Cap Growth Fund, Cost $42,224 - 2,188,282 Units -- -- -- 45,341 Templeton Foreign Fund, Cost $15,889 - 1,639,127 Units -- -- -- -- Common Stock of The Goodyear Tire & Rubber Company, Cost $206,299 - 8,448,371 Shares -- -- -- -- Short-Term Investments -- -- -- -- Promissory Notes -- -- -- -- ---------- ---------- ---------- ---------- 12,772 290,060 25,537 45,341 ---------- ---------- ---------- ---------- Investments at Contract Value: Guaranteed Investment Contracts -- -- -- -- ---------- ---------- ---------- ---------- Receivables: Employee Contributions -- 10 -- 1 Employer Contributions -- -- -- -- Transfers (42) (328) 42 317 Accrued Interest and Dividends 20 440 39 69 Pending Security Sales -- -- -- -- ---------- ---------- ---------- ---------- (22) 122 81 387 ---------- ---------- ---------- ---------- Total Assets 12,750 290,182 25,618 45,728 ---------- ---------- ---------- ---------- Liabilities: Administrative Expenses Payable -- 192 -- -- Distributions Payable 4 90 8 14 Forfeiture Credits -- -- -- -- ---------- ---------- ---------- ---------- Total Liabilities 4 282 8 14 ---------- ---------- ---------- ---------- Net Assets $ 12,746 $ 289,900 $ 25,610 $ 45,714 ========== ========== ========== ==========
December 31, 1996 ----------------------------------------------- Fund Information ----------------------------------------------- International Stock Company Equity Stock Loan Fund Fund Fund ---- ---- ---- Assets: Investments at Fair Market Value: State Street Income and Growth Fund, Cost $6,870 - 675,788 Units $ -- $ -- $ -- State Street Moderate Asset Allocation Fund, Cost $30,809 - 2,951,057 Units -- -- -- State Street Life Solutions Growth A, Cost $11,639 - 949,240 Units -- -- -- Collective Daily Stock Index Fund, Cost $231,718 - 16,369,098 Units -- -- -- Twentieth Century Investors Income Ultra Fund, Cost $25,304 - 909,122 Units -- -- -- Franklin Strategic Series Small Cap Growth Fund, Cost $42,224 - 2,188,282 Units -- -- -- Templeton Foreign Fund, Cost $15,889 - 1,639,127 Units 16,981 -- -- Common Stock of The Goodyear Tire & Rubber Company, Cost $206,299 - 8,448,371 Shares -- 434,035 -- Short-Term Investments -- 6,664 -- Promissory Notes -- -- 80,906 ---------- ---------- ---------- 16,981 440,699 80,906 ---------- ---------- ---------- Investments at Contract Value: Guaranteed Investment Contracts -- -- -- ---------- ---------- ---------- Receivables: Employee Contributions -- -- -- Employer Contributions -- 83 -- Transfers 33 (222) 144 Accrued Interest and Dividends 26 708 124 Pending Security Sales -- 2,481 -- ---------- ---------- ---------- 59 3,050 268 ---------- ---------- ---------- Total Assets 17,040 443,749 81,174 ---------- ---------- ---------- Liabilities: Administrative Expenses Payable -- 255 -- Distributions Payable 5 138 -- Forfeiture Credits -- -- -- ---------- ---------- ---------- Total Liabilities 5 393 -- ---------- ---------- ---------- Net Assets $ 17,035 $ 443,356 $ 81,174 ========== ========== ==========
-13- 18 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, 1997 ----------------------------------------------------------------------- Fund Information -------------------------------------------------- Conservative Moderate Stable Asset Asset Value Allocation Allocation Total Fund Fund Fund ----- ---- ---- ---- Increase in Assets: Contributions: Employer $ 38,672 $ 350 $ -- $ -- Employee 117,000 61,243 1,027 5,376 ----------- ----------- ----------- ----------- 155,672 61,593 1,027 5,376 Interest and Dividend Income 71,550 42,776 (9) (47) Net Appreciation (Depreciation) in Fair Market Value of Assets 217,853 -- 1,776 8,390 ----------- ----------- ----------- ----------- 289,403 42,776 1,767 8,343 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 104,377 55,553 624 2,118 Administrative Expenses 595 410 -- -- ----------- ----------- ----------- ----------- 104,972 55,963 624 2,118 Transfers: Transfers Between Plans -- -- -- -- Transfers Between Funds -- (48,549) 6,977 6,446 Loan Transfers To or From Plan -- -- -- -- Loans to Participants -- (25,459) (212) (1,264) Loan Repayments: Principal -- 24,568 244 1,114 Interest -- 4,524 43 188 ----------- ----------- ----------- ----------- -- (44,916) 7,052 6,484 ----------- ----------- ----------- ----------- Increase (Decrease) in Assets During Year 340,103 3,490 9,222 18,085 Net Assets at Beginning of Year 1,625,363 667,398 7,372 35,058 ----------- ----------- ----------- ----------- Net Assets at End of Year $ 1,965,466 $ 670,888 $ 16,594 $ 53,143 =========== =========== =========== ===========
For the Year Ended December 31, 1997 ----------------------------------------------------------------------- Fund Information ----------------------------------------------------------------------- Aggressive S&P 500 Large Small Asset Equity Capitalization Capitalization Allocation Index Equity Equity Fund Fund Fund Fund ---- ---- ---- ---- Increase in Assets: Contributions: Employer $ -- $ -- $ -- $ -- Employee 2,270 34,307 4,097 5,915 ----------- ----------- ----------- ----------- 2,270 34,307 4,097 5,915 Interest and Dividend Income (17) 13 8,601 2,641 Net Appreciation (Depreciation) in Fair Market Value of Assets 2,641 101,723 (2,607) 3,719 ----------- ----------- ----------- ----------- 2,624 101,736 5,994 6,360 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 702 16,633 803 1,686 Administrative Expenses -- 173 -- -- ----------- ----------- ----------- ----------- 702 16,806 803 1,686 Transfers: Transfers Between Plans -- -- -- -- Transfers Between Funds 1,813 42,872 7,741 6,469 Loan Transfers To or From Plan -- -- -- -- Loans to Participants (491) (13,612) (1,256) (1,666) Loan Repayments: Principal 574 10,384 972 1,391 Interest 100 1,967 192 269 ----------- ----------- ----------- ----------- 1,996 41,611 7,649 6,463 ----------- ----------- ----------- ----------- Increase (Decrease) in Assets During Year 6,188 160,848 16,937 17,052 Net Assets at Beginning of Year 12,746 289,900 25,610 45,714 ----------- ----------- ----------- ----------- Net Assets at End of Year $ 18,934 $ 450,748 $ 42,547 $ 62,766 =========== =========== =========== ===========
For the Year Ended December 31, 1997 ---------------------------------------------------- Fund Information ---------------------------------------------------- International Stock Company Equity Stock Loan Fund Fund Fund ---- ---- ---- Increase in Assets: Contributions: Employer $ -- $ 38,322 $ -- Employee 2,765 -- -- ----------- ----------- ----------- 2,765 38,322 -- Interest and Dividend Income 762 9,577 7,253 Net Appreciation (Depreciation) in Fair Market Value of Assets 531 101,680 -- ----------- ----------- ----------- 1,293 111,257 7,253 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 568 25,690 -- Administrative Expenses -- 12 -- ----------- ----------- ----------- 568 25,702 -- Transfers: Transfers Between Plans -- -- -- Transfers Between Funds 4,792 (28,561) -- Loan Transfers To or From Plan -- -- -- Loans to Participants (565) -- 44,525 Loan Repayments: Principal 501 -- (39,748) Interest 89 -- (7,372) ----------- ----------- ----------- 4,817 (28,561) (2,595) ----------- ----------- ----------- Increase (Decrease) in Assets During Year 8,307 95,316 4,658 Net Assets at Beginning of Year 17,035 443,356 81,174 ----------- ----------- ----------- Net Assets at End of Year $ 25,342 $ 538,672 $ 85,832 =========== =========== ===========
-14- 19 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, 1996 ------------------------------------------------------------------------ Fund Information ---------------------------------------------------- Conservative Moderate Stable Asset Asset Value Allocation Allocation Total Fund Fund Fund ----- ---- ---- ---- Increase in Assets: Contributions: Employer $ 37,939 $ 306 $ -- $ -- Employee 113,952 68,429 666 4,966 ----------- ----------- ----------- ----------- 151,891 68,735 666 4,966 Interest and Dividend Income 55,195 38,334 7 32 Net Appreciation (Depreciation) in Fair Market Value of Assets 117,457 246 516 3,807 ----------- ----------- ----------- ----------- 172,652 38,580 523 3,839 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 63,857 35,330 171 1,039 Administrative Expenses 1,694 1,077 -- -- ----------- ----------- ----------- ----------- 65,551 36,407 171 1,039 Transfers: Transfers Between Plans -- -- -- -- Transfers Between Funds -- (48,299) 6,349 8,568 Loan Transfers To or From Plan -- 1 -- (1) Loans to Participants -- (45,793) (153) (1,258) Loan Repayments: Principal -- 16,441 133 671 Interest -- 3,923 25 140 ----------- ----------- ----------- ----------- -- (73,727) 6,354 8,120 ----------- ----------- ----------- ----------- Increase (Decrease) in Assets During Year 258,992 (2,819) 7,372 15,886 Net Assets at Beginning of Year 1,366,371 670,217 -- 19,172 ----------- ----------- ----------- ----------- Net Assets at End of Year $ 1,625,363 $ 667,398 $ 7,372 $ 35,058 =========== =========== =========== ===========
For the Year Ended December 31, 1996 ------------------------------------------------------------------------ Fund Information ------------------------------------------------------------------------ Aggressive S&P 500 Large Small Asset Equity Capitalization Capitalization Allocation Index Equity Equity Fund Fund Fund Fund ---- ---- ---- ---- Increase in Assets: Contributions: Employer $ -- $ -- $ -- $ -- Employee 1,628 30,665 2,793 3,231 ----------- ----------- ----------- ----------- 1,628 30,665 2,793 3,231 Interest and Dividend Income 10 448 25 182 Net Appreciation (Depreciation) in Fair Market Value of Assets 1,165 49,982 1,726 5,074 ----------- ----------- ----------- ----------- 1,175 50,430 1,751 5,256 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 289 7,217 284 487 Administrative Expenses -- 389 -- -- ----------- ----------- ----------- ----------- 289 7,606 284 487 Transfers: Transfers Between Plans -- -- -- -- Transfers Between Funds 10,270 9,530 21,622 38,117 Loan Transfers To or From Plan -- (1) 1 -- Loans to Participants (413) (15,397) (977) (1,161) Loan Repayments: Principal 312 6,001 589 633 Interest 63 1,359 115 125 ----------- ----------- ----------- ----------- 10,232 1,492 21,350 37,714 ----------- ----------- ----------- ----------- Increase (Decrease) in Assets During Year 12,746 74,981 25,610 45,714 Net Assets at Beginning of Year -- 214,919 -- -- ----------- ----------- ----------- ----------- Net Assets at End of Year $ 12,746 $ 289,900 $ 25,610 $ 45,714 =========== =========== =========== ===========
For the Year Ended December 31, 1996 ----------------------------------------------------- Fund Information ----------------------------------------------------- International Stock Company Equity Stock Loan Fund Fund Fund ---- ---- ---- Increase in Assets: Contributions: Employer $ -- $ 37,633 $ -- Employee 1,574 -- -- ----------- ----------- ----------- 1,574 37,633 -- Interest and Dividend Income 434 9,806 5,917 Net Appreciation (Depreciation) in Fair Market Value of Assets 1,371 53,570 -- ----------- ----------- ----------- 1,805 63,376 5,917 Decrease in Assets: Benefits Paid to Participants or Their Beneficiaries 230 18,810 -- Administrative Expenses -- 228 -- ----------- ----------- ----------- 230 19,038 -- Transfers: Transfers Between Plans -- -- -- Transfers Between Funds 13,943 (60,100) -- Loan Transfers To or From Plan -- -- -- Loans to Participants (350) -- 65,502 Loan Repayments: Principal 247 -- (25,027) Interest 46 -- (5,796) ----------- ----------- ----------- 13,886 (60,100) 34,679 ----------- ----------- ----------- Increase (Decrease) in Assets During Year 17,035 21,871 40,596 Net Assets at Beginning of Year -- 421,485 40,578 ----------- ----------- ----------- Net Assets at End of Year $ 17,035 $ 443,356 $ 81,174 =========== =========== ===========
-15- 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. 33-65185) of The Goodyear Tire & Rubber Company of our report dated June 15, 1998 appearing at page 2 of Annex A of this Form 11-K. /s/ Price Waterhouse LLP PRICE WATERHOUSE LLP Cleveland, Ohio June 25, 1998 -----END PRIVACY-ENHANCED MESSAGE-----