11-K 1 a11-k.txt 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4682 A. Full title of the plan and address of the plan, if different from that of the issuer named below: THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Thomas & Betts Corporation 8155 T&B Boulevard Memphis, Tennessee 38125 -1- THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN TABLE OF CONTENTS
Page No. -------- Independent Auditors' Report.........................................................................3 Financial Statements: Statements of Net Assets Available for Benefits - Combined Funds - December 31, 1999 and 1998......................................................................4 Statements of Changes in Net Assets Available for Benefits - Combined Funds - Years Ended December 31, 1999, 1998, and 1997...........................................................................5 Notes to Financial Statements...............................................................6 Schedules (1999 Information Only): Schedule 1 - Schedule of Assets Held for Investment Purposes (Item 27a)...........15 Schedule 2 - Schedule of Reportable Transactions (Item 27d).......................16 Signatures..........................................................................................17 Exhibit.............................................................................................18
-2- INDEPENDENT AUDITORS' REPORT The Retirement Plans Committee Thomas & Betts Corporation We have audited the financial statements of Thomas & Betts Corporation Employees' Investment Plan as listed in the accompanying table of contents. These financial statements are the responsibility of the Plan Administrator. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Thomas & Betts Corporation Employees' Investment Plan as of December 31, 1999, and 1998, and the changes in net assets available for benefits for each of the years in the three-year period ended December 31, 1999, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included in Schedules 1 and 2 is presented for purposes of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. Such supplementary information has been subjected to the auditing procedures applied in the audit of the basic 1999 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 1999 financial statements taken as a whole. KPMG LLP /s/ KPMG LLP Memphis, Tennessee June 9, 2000 -3- THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS - COMBINED FUNDS
December 31 1999 1998 ---- ---- PLAN ASSETS Investments at fair value: Mutual Funds $166,185,117 $153,724,331 Thomas & Betts Corporation Stock Fund 14,012,148 15,684,738 Employee Loan Fund 6,269,319 5,922,447 ------------ ------------ Total investments at fair value $186,466,584 $175,331,516 Investments at contract value: Vanguard Investment Contract Trust $ 12,851,472 $ 6,188,771 ------------ ------------ Total investments 199,318,056 181,520,287 Receivable from Thomas & Betts Corporation: Employees' contributions 1,079,676 985,732 Employer's contributions 513,546 463,791 ------------ ------------ Total receivables 1,593,222 1,449,523 ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $200,911,278 $182,969,810 ============ ============
See accompanying notes to financial statements. -4- THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - COMBINED FUNDS
Years ended December 31 1999 1998 1997 ---- ---- ---- Investment income: Dividends on Thomas & Betts Corporation Stock Fund $ 354,903 $ 343,231 $ 228,036 Interest and other dividends 9,502,728 9,814,567 6,498,381 ---------------- --------------- --------------- 9,857,631 10,157,798 6,726,417 Net realized gain on sales of investments 7,394,556 6,205,650 4,836,878 Unrealized appreciation of investments 1,486,830 9,315,195 9,029,160 ---------------- --------------- --------------- Investment income 18,739,017 25,678,643 20,592,455 ---------------- --------------- --------------- Contributions: Employees 16,668,814 14,608,514 11,154,368 Employer 6,800,258 5,976,126 4,464,054 Assets received from plan mergers - 24,802,261 1,075,732 ---------------- --------------- --------------- Total contributions 23,469,072 45,386,901 16,694,154 ---------------- --------------- --------------- Administrative expenses (31,051) (92,840) (79,966) Withdrawals and distributions (24,235,570) (18,896,467) (17,639,819) ---------------- --------------- --------------- Net increase 17,941,468 52,076,237 19,566,824 Net assets available for benefits: Beginning of year 182,969,810 130,893,573 111,326,749 ----------------- ----------------- ----------------- End of year $200,911,278 $182,969,810 $130,893,573 ================= ================= =================
See accompanying notes to financial statements. -5- THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1: PLAN DESCRIPTION GENERAL The Board of Directors of Thomas & Betts Corporation (the "Corporation") adopted the Thomas & Betts Corporation Employees' Investment Plan (the "Plan") on April 4, 1984. The participants in the Plan are eligible employees of the Corporation and its participating subsidiaries. Eligibility, enrollment, participant and employer contributions, vesting, participation, forfeiture, loans, withdrawals, distribution, and other Plan provisions are described in detail in the Plan document. EMPLOYEE AND EMPLOYER CONTRIBUTIONS Eligible employees may participate in the Plan by authorizing a withholding of an amount equal to 1%, 2%, 3%, 4% or 5% of their compensation as a basic contribution to the Plan. The Corporation contributes 75% of the first 3% and 50% of the remaining 2% of each participating employee's basic contribution. Eligible employees who have authorized a basic contribution at the maximum rate of 5% of compensation may authorize a "supplemental contribution" of 1% to 10% of their compensation. The Corporation does not make any matching contributions with respect to the amount of supplemental contributions. INVESTMENT FUNDS Assets of the Plan are invested in the following funds: (1) The Thomas & Betts Corporation Stock Fund's assets are invested in common stock of the Corporation and cash. (2) The Vanguard Money Market Reserves - Federal Portfolio invests in short-term securities that are guaranteed or backed by the U.S. Government and its agencies. (3) The Vanguard Short-Term Federal Bond Fund invests in bonds issued by U.S. Government and agency obligations. (4) The Vanguard Index 500 Portfolio invests in the common stock of major corporations, with the view to achieve a return on investments equal to the Standard & Poor's 500 index. (5) The Vanguard U.S. Growth Portfolio invests in high-quality, established growth stocks of companies based in the United States. -6- (6) The Vanguard Wellington Fund is a balanced fund that invests in common stocks (with emphasis on "blue chip" stocks), corporate bonds, U.S. Government securities and preferred stock. (7) The Vanguard Intermediate U.S. Treasury Bond Fund invests in corporate debt securities and securities issued by the U.S. Government which mature in five to twelve years. (8) The Vanguard International Growth Portfolio invests in the stocks of companies located outside the United States. (9) The Vanguard Windsor Fund invests in common stocks with relatively low price/earnings ratios and meaningful income yields. The fund may also invest in preferred stocks, fixed-income securities, convertible securities, and money-market instruments. (10) The Vanguard Windsor II Fund invests in undervalued, income-producing stocks, characterized by above-average income yields and below-average price/earnings ratios relative to the stock market. (11) The Vanguard Index Small Cap Portfolio invests in the common stocks of smaller companies, with the view to achieve a return on investments equal to the Russell 2000 index. (12) The Vanguard Investment Contract Trust is a tax-exempt collective trust fund that invests in investment contracts issued by insurance companies and commercial banks, and similar types of fixed principal investments. (13) The Vanguard Extended Market Index Fund seeks to provide long-term growth of capital by attempting to match the performance of the Wilshire 4500 Equity Index, an unmanaged index made up mostly of mid- and small-capitalization companies. (14) The Vanguard Total Bond Market Index Fund seeks to provide a high level of interest income by attempting to match the performance of the unmanaged Lehman Brothers Aggregate Bond Index, which is a widely recognized measure of the entire taxable U.S. bond market. Each participating employee may direct basic and supplemental contributions in any one or more of the above funds except for the Vanguard Money Market Reserves, Vanguard Intermediate U.S. Treasury Bond Fund and the Vanguard Short-Term Federal Bond Fund, which were closed on October 1, 1998, and the Vanguard Windsor Fund and Vanguard Small Cap Index Fund, which were investment options of the Eagle Savings Plan. After the Corporation acquired Amerace Corporation, a subsidiary of Eagle Corporation, the balances in these funds pertaining to Amerace Corporation employees were transferred into the Plan. As of the date of transfer into the Plan, no contributions could be allocated to these funds. The funds will be closed after existing contributions contained in these funds are distributed to participants or transferred to the funds previously existing in the Plan. The Vanguard Windsor II Fund and the Vanguard -7- Investment Contract Trust were also investments of the Eagle Savings Plan. Effective October 1, 1998, the Vanguard Windsor II Fund and Vanguard Investment Contract Trust were reopened allowing current employees of the Corporation to allocate a portion of their contribution to these funds. The Vanguard Extended Market Index Fund and Vanguard Total Bond Market Index Fund were added on October 1, 1998. The Corporation's contribution is allocated among the funds in the same proportion as the employee's basic contribution. Each employee may change the amount and allocation of his or her contribution or reallocate existing balances among funds by notifying The Vanguard Group by phone on any business day. Changes are generally effective on the following business day. PARTICIPANT LOANS The Plan permits participants with vested account balances of at least $2,000 to borrow directly from their account. Participants may borrow up to 50% of their vested account balance or a maximum of $50,000 for a period of up to 5 years. The minimum loan amount allowed is $1,000. The interest rate charged is generally within one or two percentage points of the prime rate at the time the loan is granted. This rate does not change for the life of the loan. Loan repayments, both principal and interest, are deposited into the participants' investment fund(s) based on the allocation designated at the time of repayment. NOTE 2: ACCOUNTING POLICIES BASIS OF ACCOUNTING The accompanying financial statements have been prepared on the accrual basis. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. VALUATION The Plan's investments are stated at fair value except for The Vanguard Investment Contract Trust which is valued at contract value. Contract value approximates fair value as of December 31, 1999. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. The Corporation's stock within the Thomas & Betts Corporation Stock fund is valued at its quoted market price. Employee loans are valued at cost, which approximates fair value. Security transactions are recorded on the trade date, and dividend income is recorded on the ex-dividend date. The cost of securities sold is based on the average cost of those securities. -8- The Vanguard Group has been designated by the Board of Directors of the Corporation as the plan trustee. NOTE 3: AMENDMENTS TO THE PLAN During 1998, the Corporation amended the Plan to provide for (i) the participation in the Plan by eligible employees of Augat Inc., which was acquired by the Corporation, and (ii) the merger of the Augat Savings and Retirement Plan with and into the Plan. During 1997, the Corporation amended the Plan to provide for (i) the participation in the Plan by eligible employees of Catamount Manufacturing, Inc., which was acquired by the Corporation, and (ii) the merger of the Catamount Retirement Plan with and into the Plan. The amendments resulted in $24,802,261, and $1,075,732 of assets received from Plan mergers during 1998 and 1997, respectively. Also in 1998, the Plan was amended to reflect changed investment options effective October 1, 1998. The following funds were closed to new contributions with existing investments remaining in the respective funds: Vanguard Money Market Reserves, Vanguard Short-Term Federal Bond Fund, and Vanguard Intermediate U.S. Treasury Bond Fund. The following new funds were opened: Vanguard Extended Market Index Fund and Vanguard Total Bond Market Index Fund. In addition, two previously closed funds, Vanguard Investment Contract Trust and Vanguard Windsor II, were reopened. In 1997, the Plan was amended to account for matching contributions which were forfeited by terminating employees before those amounts became vested. If a participant's vested accrued benefit is not distributed to the participant in an immediate lump sum distribution, the nonvested portion of the contribution account is forfeited as follows: (i) the nonvested portion of a participant's accrued benefit, for any participant who separates from service on or after July 1, 1996, is forfeited when the participant incurs a five-year period of separation of service (if the participant is re-employed before the five-year period of separation ends, the participant will continue to vest starting when the participant left employment); (ii) any participant separated from service on or after January 1, 1989 and before July 1, 1996 but re-employed on or after July 1, 1996 and before incurring a five-year period of separation of service has the nonvested portion of the participant's accrued benefit (adjusted for earnings or losses) restored. If the participant was re-employed before July 1, 1996 and before incurring a five-year period of separation of service and the nonvested portion of the accrued benefit was restored, any earnings attributed to such nonvested accrued benefit is also restored. The forfeiture amendment did not have a material effect on the net assets of the Plan. -9- NOTE 4: INVESTMENTS The following table presents investments at December 31, 1999 and 1998.
1999 1998 Number of Number of shares/units shares/units or principal Fair or principal Fair amount Value amount Value ------------- ----- ------------- ----- INVESTMENTS AT FAIR VALUE AS DETERMINED BY QUOTED MARKET PRICE: Thomas & Betts Corporation Stock Fund 1,320,655 $ 14,012,148 1,090,733 $ 15,684,738 Vanguard Wellington Fund 1,270,870 35,533,538 1,247,208 36,605,560 Vanguard Index 500 Portfolio 401,396 54,320,937 384,272 43,787,824 Vanguard U.S. Growth Portfolio 940,394 40,935,332 887,801 33,283,646 International Growth Portfolio 256,086 5,759,369 228,160 4,282,565 Vanguard Windsor Fund 27,769 421,261 28,397 442,135 Vanguard Windsor II Fund 216,122 5,396,571 179,015 5,343,612 Vanguard Index Small Cap Portfolio 19,110 450,985 20,097 426,053 Vanguard Extended Market Index Fund 29,801 1,104,722 11,259 344,756 Vanguard Total Bond Market Index 370,765 3,544,513 289,525 2,973,419 INVESTMENTS AT FAIR VALUE: Vanguard Money Market Reserves Federal Portfolio 17,116,742 17,116,742 23,692,719 23,692,719 Vanguard Intermediate U.S. Treasury Bond Fund 90,284 914,580 127,566 1,421,082 Vanguard Short-Term Federal Bond Fund 69,350 686,567 109,255 1,120,960 Employee Loan Fund 6,269,319 6,269,319 5,922,447 5,922,447 INVESTMENTS AT CONTRACT VALUE: Vanguard Investment Contract Trust 12,851,472 12,851,472 6,188,771 6,188,771 ------------ ------------ Total Investments $199,318,056 $181,520,287 ============ ============
-10- A summary of net realized gains on sales of investments for the years ended December 31, 1999, 1998 and 1997 follows:
Proceeds Net Realized From Sales Cost Gains ----------- ----------- ------------ 1999 Thomas & Betts common stock $ 7,307,574 $ 6,691,040 $ 616,534 All other investments 59,756,457 52,978,435 6,778,022 ----------- ----------- ---------- $67,064,031 $59,669,475 $7,394,556 =========== =========== ========== 1998 Thomas & Betts common stock $ 5,581,108 $ 4,809,765 $ 771,343 All other investments 55,139,584 49,705,277 5,434,307 ----------- ----------- ---------- $60,720,692 $54,515,042 $6,205,650 =========== =========== ========== 1997 Thomas & Betts common stock $ 3,962,912 $ 3,254,916 $ 707,996 All other investments 43,279,585 39,150,703 4,128,882 ----------- ----------- ---------- $47,242,497 $42,405,619 $4,836,878 =========== =========== ========== A summary of unrealized appreciation (depreciation) of investments for 1999, 1998 and 1997 follows: Thomas & Betts All Common Other Stock Investments Total -------------- ----------- ----------- Balance at December 31, 1996 $2,002,148 $11,253,854 $13,256,002 Unrealized appreciation (depreciation) (124,828) 9,153,988 9,029,160 ----------- ----------- ----------- Balance at December 31, 1997 $1,877,320 $20,407,842 $22,285,162 Unrealized appreciation (depreciation) (174,882) 9,490,077 9,315,195 ----------- ----------- ----------- Balance at December 31, 1998 $1,702,438 $29,897,919 $31,600,357 Unrealized appreciation (depreciation) (4,000,803) 5,487,633 1,486,830 ----------- ----------- ----------- BALANCE AT DECEMBER 31, 1999 $(2,298,365) $35,385,552 $33,087,187 =========== =========== ===========
-11- During the years ended December 31, 1999, 1998 and 1997, the Plan's investments (including investments bought and sold, as well as held, during the year) appreciated (depreciated) in value by $8,881,386, $15,520,845 and $13,866,038, respectively, as follows:
1999 1998 1997 ---- ---- ---- Thomas & Betts Corporation Stock Fund $ (3,384,269) $ 596,461 $ 583,168 Vanguard Short-Term Federal Bond Fund (32,385) 34,078 3,124 Vanguard Index 500 Portfolio 8,614,682 7,981,751 5,849,829 Vanguard U.S. Growth Fund 5,599,992 6,609,790 3,256,568 Vanguard Wellington Fund (1,596,217) (353,747) 3,265,031 Intermediate U.S. Treasury Bond Fund (109,225) 122,783 30,255 International Growth Portfolio 900,281 432,573 (8,692) Vanguard Windsor Fund (3,462) (41,099) 23,988 Vanguard Windsor II Fund (1,073,421) 206,401 765,875 Vanguard Index Small Cap Portfolio 45,706 (61,318) 96,892 Vanguard Extended Market Index Fund 168,954 32,141 - Vanguard Total Bond Market Index (249,250) (38,969) - -------------- ----------- ----------- Net appreciation in fair value $8,881,386 $15,520,845 $13,866,038 ============== =========== ===========
-12- NOTE 5: INVESTMENT FUND PARTICIPATION As of December 31, 1999, the number of participants in each investment fund was as follows:
Number of Participants ------------ Thomas and Betts Corporation Stock Fund 3,288 VMMR Federal Portfolio 1,689 Vanguard Short-Term Federal Bond Fund 352 Vanguard Index 500 Portfolio 4,373 Vanguard - U.S. Growth Portfolio 3,462 Vanguard Wellington Fund 3,667 Employee Loan Fund 1,595 Vanguard Intermediate U.S. Treasury Bond Fund 305 International Growth Portfolio 1,197 Vanguard Windsor Fund 63 Vanguard Windsor II Fund 1,100 Vanguard Index Small Cap Portfolio 85 Vanguard Investment Contract Trust 2,083 Vanguard Total Bond Market Index 1,144 Vanguard Extended Market Index Fund 375
The number of participants in the Plan was less than the sum of participants shown above because many were participating in more than one fund. NOTE 6: CONTRIBUTIONS The Corporation's contributions vest at the end of each year starting with the second year of credited service, at the rate of 25% each year. A participant in the Plan whose employment terminates for any reason before his or her death, attainment of age 60, or total and permanent disability is entitled to receive the vested portion, plus earnings thereon, of his or her employer contribution account. The nonvested portion of the employer contribution account is forfeited and retained in the Plan to reduce future contributions to be made by the Corporation to the Plan. The nonvested portion of the employer's contribution that is forfeited (if any) may be restored if the participant is re-employed prior to a five-year period of separation of service. A participant is entitled to receive 100% of the participant's own contributions plus earnings thereon. In addition, employees of certain organizations acquired by the Corporation have a 100% nonforfeitable right to amounts in their accounts attributable to transferred contributions from the acquired organization's plan and, in certain cases, to the amount in their employer contribution accounts. -13- NOTE 7: TERMINATION The Board of Directors of the Corporation may terminate the Plan, in whole or in part, or permanently discontinue contributions thereunder for any reason at any time. In the case of such termination or permanent discontinuance of contributions thereunder, affected participants become fully vested in their accounts. NOTE 8: INCOME TAXES The Internal Revenue Service has issued a determination letter to the effect that the Plan is a qualified plan under Section 401(a) of the Internal Revenue Code of 1986 and is exempt from income tax under Section 501(c). The Plan has been amended since receiving the determination letter. However, the Plan's administrator and tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Under the present federal income tax laws and regulations, participants and their beneficiaries are not taxed at the time contributions are made by the Corporation under the Plan, although the Corporation will receive an immediate income tax deduction in the amount of such contribution. All earnings of the Trust Fund (which is maintained pursuant to the Plan and in which Plan assets are held), realized and unrealized, are not taxable to any participant or the participant's beneficiaries except upon a distribution by the Trust Fund. If a participant makes a withdrawal, generally the entire amount distributed to the withdrawing participant will be taxable to the participant as ordinary income. If an employee's participation in the Plan terminates, there are a number of distribution alternatives available depending upon age and vested account balance. To the extent that a distribution consists of the Corporation's securities, the portion of the distribution representing contributions to the Plan will be taxable at the time of the distribution as ordinary income while the portion of the distribution representing any unrealized appreciation in the value of the Corporation's securities will not be taxable until disposition of such shares. The participant or the participant's beneficiaries may be able to elect to have the ordinary income portion of the distribution taxed at special rates which in most cases will be lower than the applicable ordinary income tax rates. If the participating employee has not participated in the Plan for five or more years before the year in which the participation terminates, the special election will not be available to the participant or the participant's beneficiaries, except in the case of termination due to the participant's death. -14- SCHEDULE 1 THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN Item 27(a) Schedule of Assets Held for Investment Purposes December 31, 1999
Identity of Issue Description Cost Fair value ----------------- ----------- ---- ---------- *Equity Securities- Thomas & Betts Corporation Stock Fund 1,320,655 UNITS $ 16,310,513 $ 14,012,148 Mutual Funds- *Vanguard Wellington Fund 1,270,870 UNITS 34,299,637 35,533,538 *Vanguard Money Market Reserves Federal Portfolio 17,116,742 UNITS 17,116,742 17,116,742 *Vanguard Intermediate U.S. Treasury Bond Fund 90,284 UNITS 954,916 914,580 *Vanguard Index 500 Portfolio 401,396 UNITS 35,081,920 54,320,937 *Vanguard Short-Term Federal Bond Fund 69,350 UNITS 703,531 686,567 *Vanguard U.S. Growth Fund 940,394 UNITS 26,909,812 40,935,332 *Vanguard International Growth Portfolio 256,086 UNITS 4,624,547 5,759,369 *Vanguard Windsor Fund 27,769 UNITS 425,043 421,261 *Vanguard Windsor II Fund 216,122 UNITS 5,624,058 5,396,571 *Vanguard Index Small Cap Portfolio 19,110 UNITS 370,815 450,985 *Vanguard Extended Market Index Fund 29,801 UNITS 921,753 1,104,722 *Vanguard Total Bond Market Index 370,765 UNITS 3,766,791 3,544,513 ---------- ----------- --------- Total Mutual Funds $130,799,565 $166,185,117 Loan Fund- Participant loans, interest rate range of 6% to 9.5%, with maturity date range of January 5, 2000 to July 12, 2003 6,269,319 6,269,319 Guaranteed Investment Contracts- *Vanguard Investment Contract Trust at contract value 12,851,472 UNITS 12,851,472 12,851,472 ---------- ------------ Total investments $166,230,869 $199,318,056 ============ ============
See accompanying independent auditors' report. * Indicates a party-in-interest to the Plan -15- SCHEDULE 2 THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN Item 27(d) Schedule of Reportable Transactions Year ended December 31, 1999
Total Description Number of Purchase Selling Gain/ of Security Transactions Price/Cost Price (Loss) ------------ ------------ ---------- ------- ------ Purchases: Thomas & Betts Corporation Stock Fund 174 $ 8,844,737 Vanguard Wellington Fund 194 9,468,401 Vanguard Investment Contract Trust 242 17,846,085 Vanguard Index 500 Portfolio 232 17,420,629 Vanguard U.S. Growth Fund 220 11,636,123 ----------- $65,215,975 =========== Sales: Thomas & Betts Corporation Stock Fund 231 $ 6,639,951 $ 7,256,485 $ 616,534 Vanguard Wellington Fund 243 8,457,888 9,205,415 747,527 Vanguard Investment Contract Trust 223 11,276,167 11,276,167 - Vanguard Index 500 Portfolio 249 12,639,107 15,970,995 3,331,888 Vanguard U.S. Growth Fund 238 7,524,832 9,874,411 2,349,579 ----------- ----------- ---------- $46,537,945 $53,583,473 $7,045,528 =========== =========== ==========
See accompanying independent auditors' report. -16- SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. THOMAS & BETTS CORPORATION EMPLOYEES' INVESTMENT PLAN Date: June 20, 2000 By: /s/John P. Murphy --------------------------------------- John P. Murphy Senior Vice President - Chief Financial Officer By: /s/Connie C. Muscarella --------------------------------------- Connie C. Muscarella Vice President - Human Resources -17-