-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, HQXqm1cxCGMguzaTKMHdXarvGjIhfEeg6Q6bOyFGbHiJqLy48wRBMUodnYpG6acM 2W3RsHctwrVR8vz+An48Tg== 0000950131-95-001756.txt : 19950714 0000950131-95-001756.hdr.sgml : 19950714 ACCESSION NUMBER: 0000950131-95-001756 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950628 SROS: CSX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WHIRLPOOL CORP /DE/ CENTRAL INDEX KEY: 0000106640 STANDARD INDUSTRIAL CLASSIFICATION: 3630 IRS NUMBER: 381490038 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03932 FILM NUMBER: 95549722 BUSINESS ADDRESS: STREET 1: WHIRLPOOL CNTR 2000 M 63 STREET 2: C/O CORPORATE SECRETARY CITY: BENTON HARBOR STATE: MI ZIP: 49022 BUSINESS PHONE: 6169265000 MAIL ADDRESS: STREET 1: WHIRLPOOL CTR 2000 M 63 STREET 2: C/O CORPORATE SECRETARY CITY: CENTON HARBOR STATE: MI ZIP: 49022 FORMER COMPANY: FORMER CONFORMED NAME: WHIRLPOOL SEEGER CORP DATE OF NAME CHANGE: 19710824 11-K 1 FORM 11-K FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Fee Required) For the plan year ended December 31, 1994 OR [_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (No Fee Required) Commission file number 1-3932 Full title of plan: WHIRLPOOL 401(k) PLAN Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: WHIRLPOOL CORPORATION Administration Center 200 North M-63 Benton Harbor, MI 49022-2692 Total Number of pages herein is____pages The Exhibit Index appears on page___. Reference is hereby made to the Financial Statements attached hereto which begin on p. F-1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees of the Plan have duly caused this annual report to be signed by the undersigned hereunto duly authorized. WHIRLPOOL 401(k) PLAN Date: June 28, 1995 By: /s/ E. R. Dunn ----------------------------- Name: E. R. Dunn Title: Trustee and Chairman of the Individual Trustees ANNUAL REPORT ON FORM 11-K -------------------------- FINANCIAL STATEMENTS -------------------- PLAN YEAR ENDED DECEMBER 31, 1994 WHIRLPOOL 401(k) PLAN WHIRLPOOL CORPORATION BENTON HARBOR, MICHIGAN F-1 FORM 11-K FINANCIAL STATEMENTS WHIRLPOOL 401(k) PLAN WHIRLPOOL CORPORATION The following financial statements of the Whirlpool 401(k) Plan are submitted herewith: Page ---- Report of Independent Auditors F-3 Statements of Assets Available for Plan Benefits -- December 31, 1994 and 1993 F-4 Statements of Changes in Assets Available for Plan Benefits -- Two Years Ended December 31, 1994 F-5 Notes to Financial Statements F-6 Investments F-17 Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets F-22 Schedules Nos. I, II and III, for which provisions are made in the applicable accounting regulations of the Securities and Exchange Commission, have been omitted since the information required is shown in the related financial statements and notes thereto. F-2 Report of Independent Auditors The Trustees Whirlpool 401(k) Plan We have audited the accompanying statements of assets available for plan benefits of the Whirlpool 401(k) Plan as of December 31, 1994 and 1993, and the related statements of changes in assets available for plan benefits for the years then ended. 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 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 assets available for plan benefits of the Plan at December 31, 1994 and 1993, and the changes in its assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of investments as of December 31, 1994, and transactions or series of transactions in excess of 5% of the current value of plan assets for the year then ended are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1994 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1994 financial statements taken as a whole. ERNST & YOUNG LLP May 24, 1995 F-3 Whirlpool 401(k) Plan Statements of Assets Available for Plan Benefits
DECEMBER 31 1994 1993 -------------------------- Cash $ 149,560 $ 487,960 Contributions receivable 13,805,080 13,085,991 Interest and dividends receivable 585,747 144,825 Investments: Bonds 50,690,564 50,238,889 Common trust funds - Debt instruments 35,211,381 44,249,624 Common trust funds - Equity instruments 141,494,551 146,217,243 Common stock of Whirlpool Corporation 70,190,004 62,506,941 Group annuity contracts 27,350,147 25,140,481 -------------------------- 324,936,647 328,353,178 Loans to participants 11,290,487 7,786,463 -------------------------- $350,767,521 $349,858,417 ==========================
See accompanying notes. F-4 Whirlpool 401(k) Plan Statements of Changes in Assets Available for Plan Benefits
YEAR ENDED DECEMBER 31 1994 1993 --------------------------- Balance at beginning of year $349,858,417 $253,873,384 Net assets transferred from Whirlpool Performance Savings Plan - 49,686,240 Dividends on Whirlpool Corporation common stock 1,508,711 964,975 Other dividends 3,673,584 7,183,335 Interest 7,995,103 4,331,789 --------------------------- 13,177,398 12,480,099 Net realized and unrealized (depreciation) appreciation in fair value of investments: Whirlpool common stock (19,359,678) 16,069,304 Investments other than Whirlpool common stock (15,300,166) 9,395,556 --------------------------- (34,659,844) 25,464,860 Employer's contributions 7,897,965 6,804,799 Participants' contributions 40,033,848 29,863,026 --------------------------- 47,931,813 36,667,825 Participants' withdrawals (25,018,601) (28,026,488) Administrative expenses (521,662) (287,503) --------------------------- Net additions 909,104 95,985,033 --------------------------- Balance at end of year $350,767,521 $349,858,417 ===========================
See accompanying notes. F-5 Whirlpool 401(k) Plan Notes to Financial Statements 1. PLAN MERGER Prior to April 1, 1993, all of the investments of the Whirlpool Savings Plan (Savings Plan) and the Whirlpool Performance Savings Plan (Performance Savings Plan) were held by the Whirlpool Savings Trust (Savings Trust). Effective April 1, 1993, the Performance Savings Plan was merged into the Savings Plan, and the net assets were transferred to the Savings Plan. The merged plan was renamed the Whirlpool 401(k) Plan (Plan), and the Savings Trust was renamed the Whirlpool 401(k) Trust (Trust). Participants in the Performance Savings Plan immediately became participants in the Plan. Participation and vesting provisions under the Plan were not changed by the merger. 2. SIGNIFICANT ACCOUNTING POLICIES INVESTMENTS HELD BY TRUST All the investments of the Plan are held by the Trust. The Corporate Trustee, NBD Bank, is custodian of the Trust's assets. The Corporate Trustee invests all assets of the Trust except as follows: (i) The Individual Trustees (management of Whirlpool Corporation) direct the investment of the Whirlpool Stock Fund; (ii) the Individual Trustees also direct the extent to which the assets credited to the Income Fund are invested in guaranteed principal and interest contracts with insurance companies and used to purchase wrap contracts issued by banks and insurance companies and options, futures and other types of investments; and (iii) the Individual Trustees may direct that a specified percentage of the assets credited to any or all of the investment fund or funds are allocated to one or more separate accounts within said investment funds and invested in accordance with the direction of the Individual Trustees or an investment manager designated by the Individual Trustees. The Trust enters into options to hedge interest rates on certain government securities. At December 31, 1994, there were options outstanding to purchase and sell $106 million of government securities expiring at various dates through March 6, 1995. The options are recorded at fair value and market gains and losses are recognized in the statement of changes in assets available for plan benefits. Contributions, loan distributions and repayments, and participant withdrawals are specifically identified to the fund or funds within the Trust to which assets of the Plan are credited. Investment income and related expenses of the Trust are allocated to the investment funds based on each investment fund's proportionate share of the current value of the Trust assets at the end of each month. F-6 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) VALUATION OF INVESTMENTS The Plan's investments represent the Plan's share of the Trust's investments. The Plan's group annuity contracts are stated at the cost of contracts purchased plus interest accrued. All other investments are stated at fair value, as determined by the Corporate Trustee. 3. DESCRIPTION OF PLAN Every full-time employee of Whirlpool Corporation and participating subsidiaries (referred to as Employer or Whirlpool), and every part-time employee of the Employer who completes 1,000 hours of service during his or her initial year of employment, or a subsequent calendar year, shall be eligible to participate in the Plan. Participation in the Plan is voluntary. The Plan allows each participant to make tax-deferred contributions to the Plan, by payroll reduction, each payroll period, in any whole percentage of eligible earnings as the participant may elect up to and including 15%. Such elections are made and can be adjusted by giving notice to the Individual Trustees via the voice response system on a daily basis, to be effective, in most cases, as of the beginning of the next payroll period. In addition, certain employees may make additional tax-deferred contributions to the Plan by directing that a portion of any annual bonus due to the participant of one or more designated bonus plans be deposited into the Plan. The amount of any such additional tax-deferred contributions may be elected by the employee to equal the same percentage of any annual bonus payment as is applied for payroll reduction purposes or in any whole percentage between 0% and 75%, as the participant elects, provided, however, that the reduction percentage applicable to a participant who is a highly compensated participant may not exceed 15%. For each year, the Employer establishes performance goals which consist of five levels of performance for the Employer. The attainment of these goals results in an Employer matching contribution based on that portion of each employee's (other than exempt employees) tax-deferred contributions which do not exceed 5% of the employee's eligible earnings, as follows: There will be (i) no matching contribution if company performance compared to goals is below level 1 performance; (ii) a $.25 per dollar match for level 1 performance; (iii) a $.40 per dollar match for level 2 performance; (iv) a $.50 per dollar match for level 3 performance; (v) a $.60 per dollar match for level 4 performance; (vi) a $.75 per dollar match for level 5 performance. Employer matching contributions and tax-deferred contributions are 100% vested at all times. Exempt employees are not eligible for Employer matching contributions. F-7 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 3. DESCRIPTION OF PLAN (CONTINUED) The maximum amount which a participant can deposit in the Plan in a given year is subject to certain limitations imposed by the Internal Revenue Code of 1986, as amended. The value of each participant's aggregate deposits can be invested in accordance with that participation's election in one or more of the following investment funds: Index Fund The objective of the Index Fund is to closely match the performance of the Standard and Poor's 500 Index. This fund is 100% invested in the Woodward Equity Index Fund. Because the fund is a broadly diversified fund, it may invest in securities of Whirlpool or its subsidiaries. Equity Growth Fund The objective of the Equity Growth Fund is to achieve long-term capital appreciation from common stocks. This fund is 100% invested in the IDS New Dimensions Fund. Because the fund is a broadly diversified fund, it may from time to time invest in securities of Whirlpool Corporation or its subsidiaries. Whirlpool Stock Fund The objective of the Stock Fund is to allow participants to share in the appreciation in value of the Company's stock. This fund is primarily invested in common shares of Whirlpool stock. The Fund also invests a small portion of its assets in high-quality money market securities to provide liquidity. Income Fund The objective of the Income Fund is to earn a consistent return with stability of principal. The fund is invested in a variety of fixed income securities such as GICs, corporate bonds, U.S. government bonds, Treasury notes, certificates of deposit and money market accounts. F-8 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 3. DESCRIPTION OF PLAN (CONTINUED) Balanced Fund The objective of the Balanced Fund is to allow the investor to benefit from periods of strength in both the stock and bond markets while helping to reduce the risk of investing in a single market. It allows the participant to utilize the expertise of a professional to make the critical asset mix decision. This fund is 100% invested in the IDS Mutual Fund. Because the fund is a broadly diversified fund, it may from time to time invest in securities of Whirlpool Corporation or its subsidiaries. Deposits and withdrawals from each investment fund and transfers among investment funds are made by the Trust at the direction of the Employer, based on Plan participants' elections. The Employer is responsible for determining that such transactions are in accordance with the Plan. Income, including market value adjustments, under each of these funds is allocated to the participants' accounts daily based on each participant's equity in the fund. Employer matching contributions are initially invested in the Whirlpool Stock Fund (but may subsequently be transferred to another investment fund in accordance with provisions of the Plan). Plan investments are made in the manner specified in the Plan and Trust and in accordance with the stated investment policies of the respective funds. To the extent monies available for investment are not immediately invested, as provided in the investment policy of each fund, such monies are temporarily invested in short-term income investments. All investments are made in light of a continuing evaluation of economic and market conditions which may cause such investment policy to vary from time to time. The Plan makes loans to participants in amounts up to the lesser of $50,000 or 50% of a participant's equity, with a minimum loan amount of $500. Each such loan is allocated to a separate loan account and treated for investment purposes as an investment of the participant who received the loan. F-9 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 4. INVESTMENTS A summary of the cost and the market value of investments is as follows:
DECEMBER 31, 1994 DECEMBER 31, 1993 ---------------------------------------------------------------------- NUMBER NUMBER OF OF ISSUES COST MARKET ISSUES COST MARKET ---------------------------------------------------------------------- Bonds 32 $ 52,318,118 $ 50,690,564 17 $ 50,391,887 $ 50,238,889 Common trust funds - Debt instruments 2 36,991,537 35,211,381 2 44,424,722 44,249,624 Common trust funds - Equity instruments 3 145,753,801 141,494,551 3 138,695,579 146,217,243 Common stock of Whirlpool: (1,396,816 shares at December 31, 1994; 939,954 shares at December 31, 1993) 1 59,839,113 70,190,004 1 30,874,393 62,506,941 Group annuity contracts 1 27,350,147 27,350,147 1 25,140,481 25,140,481 ---------------------------------------------------------------------- Total investments 39 $322,252,716 $324,936,647 24 $289,527,062 $328,353,178 ======================================================================
F-10 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 4. INVESTMENTS (CONTINUED) The fair value of individual investments that represent 5% or more of the Plan's assets is as follows:
DECEMBER 31 1994 1993 ------------------------ Whirlpool Corporation common stock $70,190,004 $62,506,941 Woodward Equity Index Fund 40,334,743 40,566,786 Lincoln National Pension Insurance Company, group annuity contracts 27,350,147 25,140,481 PIMCO Funds, low duration portfolio 28,219,844 29,824,902 IDS New Dimensions Fund, Inc. 74,022,808 75,781,461 IDS Investment Series Inc., common, formerly IDS Mutual, Inc. 27,136,999 29,868,996
F-11 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 5. DETAIL OF STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS Detail of statement of changes in assets available for plan benefits for the year ended December 31, 1994 follows:
EQUITY WHIRLPOOL CONTRIBUTIONS INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL ----------------------------------------------------------------------------------------------------------- Balance at beginning of year $40,566,786 $75,781,461 $ 63,070,323 $119,568,137 $ 7,786,463 $29,869,122 $ 13,216,125 $349,858,417 Interfund transfers (4,008,785) (3,365,494) 21,346,571 2,911,075 - (3,797,376) (13,085,991) - Dividends on Whirlpool common stock - - 1,508,711 - - - - 1,508,711 Other dividends 1,157,162 - - - - 2,516,422 - 3,673,584 Interest 133,840 254,992 201,483 7,328,163 - 76,625 - 7,995,103 ----------------------------------------------------------------------------------------------------------- 1,291,002 254,992 1,710,194 7,328,163 - 2,593,047 - 13,177,398 Net realized and unrealized depreciation in fair value of investments: Whirlpool common stock - - (19,359,678) - - - - (19,359,678) Investments other than Whirlpool common stock (720,204) (5,960,385) - (5,172,719) - (3,446,858) - (15,300,166) ----------------------------------------------------------------------------------------------------------- (720,204) (5,960,385) (19,359,678) (5,172,719) - (3,446,858) - (34,659,844) Employer's contributions - - - - - - 7,897,965 7,897,965 Participants' contributions 5,509,509 9,933,839 7,340,612 7,445,957 - 3,896,816 5,907,115 40,033,848 ----------------------------------------------------------------------------------------------------------- 5,509,509 9,933,839 7,340,612 7,445,957 - 3,896,816 13,805,080 47,931,813 Participants' withdrawals (1,780,417) (1,866,028) (1,673,605) (17,941,661) (24,379) (1,732,511) - (25,018,601) Loans issued (1,015,491) (2,050,749) (2,636,544) (1,920,255) 8,289,468 (666,429) - - Principal payments 687,017 1,318,441 1,054,577 1,267,481 (4,761,065) 433,549 - - Administrative expense (45,114) (23,269) (40,383) (322,972) - (12,360) (77,564) (521,662) ----------------------------------------------------------------------------------------------------------- Balance at end of year $40,484,303 $74,022,808 $ 70,812,067 $113,163,206 $11,290,487 $27,137,000 $ 13,857,650 $350,767,521 ===========================================================================================================
F-12 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 5. DETAIL OF STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS (CONTINUED) Detail of statement of changes in assets available for plan benefits for the year ended December 31, 1993 follows:
EQUITY WHIRLPOOL CONTRIBUTIONS INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL -------------------------------------------------------------------------------------------------------- Balance at beginning of year $29,766,810 $51,309,388 $25,749,321 $135,275,547 $ 4,627,276 $ - $ 7,145,042 $253,873,384 Net assets transferred from Whirlpool Performance Savings Plan 5,701,004 8,317,850 19,758,218 13,514,797 1,234,937 - 1,159,434 49,686,240 Interfund transfers (1,743,756) 1,187,721 (1,584,843) (15,767,277) - 26,212,631 (8,304,476) - Dividends on Whirlpool common stock - - 964,975 - - - - 964,975 Other dividends 1,007,067 3,781,244 - - - 2,395,024 - 7,183,335 Interest 23,211 158,412 91,603 4,055,916 - 2,647 - 4,331,789 -------------------------------------------------------------------------------------------------------- 1,030,278 3,939,656 1,056,578 4,055,916 - 2,397,671 - 12,480,099 Net realized and unrealized appreciation (depreciation) in fair value of investments: Whirlpool common stock - - 16,069,304 - - - - 16,069,304 Investments other than Whirlpool common stock 2,717,628 5,338,456 - 1,558,978 - (219,506) - 9,395,556 -------------------------------------------------------------------------------------------------------- 2,717,628 5,338,456 16,069,304 1,558,978 - (219,506) - 25,464,860 Employer's contributions - - - - - - 6,804,799 6,804,799 Participants' contributions 4,623,166 7,786,891 4,174,158 4,678,965 - 2,172,299 6,427,547 29,863,026 -------------------------------------------------------------------------------------------------------- 4,623,166 7,786,891 4,174,158 4,678,965 - 2,172,299 13,232,346 36,667,825 Participants' withdrawals (1,245,664) (1,746,123) (1,136,846) (23,273,670) (123,114) (501,071) - (28,026,488) Loans issued (881,278) (1,411,170) (1,726,906) (1,493,819) 5,901,746 (388,573) - - Principal payments 610,618 1,073,240 728,331 1,241,700 (3,854,382) 200,493 - - Administrative expense (12,020) (14,448) (16,992) (223,000) - (4,822) (16,221) (287,503) -------------------------------------------------------------------------------------------------------- Balance at end of year $40,566,786 $75,781,461 $63,070,323 $119,568,137 $ 7,786,463 $29,869,122 $13,216,125 $349,858,417 ========================================================================================================
F-13 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 6. DETAIL OF THE ALLOCATION OF PLAN ASSETS Detail of the allocation of Plan assets as of December 31, 1994 follows:
EQUITY WHIRLPOOL CONTRIBUTIONS INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL -------------------------------------------------------------------------------------------------------- Cash $ 149,558 $ - $ 2 $ - $ - $ - $ - $ 149,560 Contributions receivable - - - - - - 13,805,080 13,805,080 Interest and dividends receivable 2 - 409,495 175,975 - - 275 585,747 Investments: Bonds - - - 50,690,564 - - - 50,690,564 Common trust funds - Debt instruments - - 212,566 34,946,520 - - 52,295 35,211,381 Common trust funds - Equity instruments 40,334,743 74,022,808 - - - 27,137,000 - 141,494,551 Common stock of Whirlpool - - 70,190,004 - - - - 70,190,004 Group annuity contracts - - - 27,350,147 - - - 27,350,147 -------------------------------------------------------------------------------------------------------- Total investments 40,334,743 74,022,808 70,402,570 112,987,231 - 27,137,000 52,295 324,936,647 Loans to participants - - - - 11,290,487 - - 11,290,487 -------------------------------------------------------------------------------------------------------- $40,484,303 $74,022,808 $70,812,067 $113,163,206 $11,290,487 $27,137,000 $13,857,650 $350,767,521 ========================================================================================================
Detail of the allocation of Plan assets as of December 31, 1993 follows:
EQUITY WHIRLPOOL CONTRIBUTIONS INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL -------------------------------------------------------------------------------------------------------- Cash $ - $ - $ 166 $ 487,668 $ - $ 126 $ - $ 487,960 Contributions receivable - - - - - - 13,085,991 13,085,991 Interest and dividends receivable - - 1,100 143,298 - - 427 144,825 Investments: Bonds - - - 50,238,889 - - - 50,238,889 Common trust funds - Debt instruments - - 562,116 43,557,801 - - 129,707 44,249,624 Common trust funds - Equity instruments 40,566,786 75,781,461 - - - 29,868,996 - 146,217,243 Common stock of Whirlpool - - 62,506,941 - - - - 62,506,941 Group annuity contracts - - - 25,140,481 - - - 25,140,481 -------------------------------------------------------------------------------------------------------- Total investments 40,566,786 75,781,461 63,069,057 118,937,171 - 29,868,996 129,707 328,353,178 Loans to participants - - - - 7,786,463 - - 7,786,463 -------------------------------------------------------------------------------------------------------- $40,566,786 $75,781,461 $63,070,323 $119,568,137 $ 7,786,463 $29,869,122 $13,216,125 $349,858,417 ========================================================================================================
F-14 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 7. INCOME TAX STATUS The Internal Revenue Service ruled on May 27, 1995 that the Plan qualifies under section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related trust is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. 8. SUBSEQUENT EVENT Effective January 1, 1995, the value of each participant's aggregate deposit can also be invested in three additional funds: Euro-Pacific Growth Fund, Heartland Value Fund, and Woodward Money Market Fund. F-15 Supplemental Schedules F-16 Whirlpool 401(k) Plan Investments December 31, 1994
CURRENT MARKET ISSUER DESCRIPTION OF INVESTMENT COST VALUE - - ------------------------------------------------------------------------------------------------------------------------------------ Bonds: Federal Home Loan Mortgage Corporation Dated 7/15/91, $3,990,676 par value, 6.69%, maturing 10/15/03 $4,003,147 $3,991,913 Federal Home Loan Mortgage Corporation Dated 8/1/92, $5,555,395 par value, 6.69%, maturing 8/15/07 5,571,888 5,517,174 Federal National Mortgage Association Dated 8/1/92, $2,633,766 par value, 6.47%, maturing 8/25/07 2,640,350 2,620,597 Federal Home Loan Mortgage Corporation Dated 9/1/92, $3,960,104 par value, floating rate 6.69%, maturing 9/15/07 3,977,429 3,934,086 Federal Home Loan Mortgage Corporation Dated 7/1/93, $4,671,701 par value, 7.00%, maturing 3/15/12 708,785 378,408 Federal National Mortgage Association Dated 5/25/93, $4,500,000 par value, 6.42%, maturing 12/25/16 4,500,000 4,474,665 Federal National Mortgage Association Dated 2/1/93, $7,742,175 par value, 6.42%, maturing 6/25/18 7,760,320 7,717,942 Federal Home Loan Mortgage Corporation Dated 10/15/90, $1,327,000 par value, 6.99%, maturing 10/15/20 1,346,076 1,331,552
F-17 Whirlpool 401(k) Plan Investments (continued) December 31, 1994
CURRENT MARKET ISSUER DESCRIPTION OF INVESTMENT COST VALUE - - ------------------------------------------------------------------------------------------------------------------------------------ Bonds (continued): Federal National Mortgage Association Dated 4/1/92, $3,550,801 par value, 6.57%, maturing 10/25/21 $3,564,560 $3,510,854 Federal Home Loan Mortgage Corporation Dated 12/1/90, $1,556,797 par value, 8.75%, maturing 7/15/04 1,585,014 1,567,975 Federal Home Loan Mortgage Corporation Dated 2/15/93, $2,000,000 par value, 6.69%, maturing 1/15/05 2,001,875 1,992,500 Federal National Mortgage Association Dated 10/25/91, $2,275,774 par value, 6.42%, maturing 10/25/06 2,277,552 2,276,480 Federal National Mortgage Association Dated 11/25/92, $1,694,591 par value, 6.47%, maturing 11/25/07 1,697,503 1,683,457 Federal National Mortgage Association Dated 3/25/93, $1,000,000 par value, 6.42%, maturing 4/25/17 1,001,563 996,870 Small Business Administration Guaranteed Dated 5/1/93, $1,797,999 par value, 5.25%, Ln Pool #502276 maturing 4/25/18 1,795,751 1,784,514 Federal Home Loan Mortgage Corporation Dated 11/15/88, $1,436,537 par value, 6.03%, maturing 3/15/20 1,443,271 1,442,370
F-18 Whirlpool 401(k) Plan Investments (continued) December 31, 1994
CURRENT MARKET ISSUER DESCRIPTION OF INVESTMENT COST VALUE - - ------------------------------------------------------------------------------------------------------------------------------------ Bonds (continued): Federal Home Loan Mortgage Corporation Dated 10/15/90, $1,775,953 par value, 6.79%, maturing 10/15/20 $ 1,783,722 $ 1,764,853 Federal Home Loan Mortgage Corporation Dated 11/15/90, $993,947 par value, 7.09%, maturing 11/15/20 1,005,439 1,006,053 Thomson McKinnon Mortgage Assets Trust Dated 1/1/87, $1,763,879 par value, floating rate, maturing 2/1/17 1,766,358 1,746,786 Collateralized Mortgage Securities Dated 12/29/88, $316,145 par value, 9.10% Corporation maturing 2/27/18 324,740 318,132 Capstead Securities Corporation III Dated 10/1/91, $100,536 par value, 9.50%, maturing 7/25/20 103,049 103,150 Prudential Home Mortgage Secs. Co. Dated 4/1/93, $478,783 par value, variable rate 479,606 470,251 U.S. Treasury Note $9,000,000 par value, 7.25%, expiring 1/3/95, strike 95.56, put 98,438 8,460 U.S. Treasury Note $10,000,000 par value, 7.88%, expiring 1/3/95, strike 99.27, put 46,875 1,600 Cap 1 month LIBOR $3,000,000 par value, expiring 7/8/97, strike 9.50, put 138,000 157,500
F-19 Whirlpool 401(k) Plan Investments (continued) December 31, 1994
CURRENT MARKET ISSUER DESCRIPTION OF INVESTMENT COST VALUE - - -------------------------------------------------------------------------------------------------------------------------------- Cap 1 month LIBOR $840,000 par value, expiring 9/7/98, strike 9.50, put $ 57,120 $ 79,892 Federal National Mortgage Association $9,000,000 par value, 8.50%, expiring 1/5/95, strike 98.09, put 74,531 11,250 Federal National Mortgage Association $8,000,000 par value, 8.00%, expiring 3/6/95, strike 94.44, put 55,000 33,760 Government National Mortgage Association $17,000,000 par value, 8.50%, expiring 2/9/95, strike 96.31, put 116,875 21,250 Government National Mortgage Association $17,000,000 par value, 8.50%, expiring 2/9/95, strike 98.13, call 116,875 (180,970) Federal National Mortgage Association $8,000,000 par value, 8.00%, expiring 3/6/95, strike 96.47, call 110,000 (64,960) U.S. Treasury Note $10,000,000 par value, 7.88%, expiring 1/3/95, strike 100.77, call 46,875 (7,800) U.S. Treasury Note $9,000,000 par value, 7.25%, expiring 1/95, strike 98.03, call 98,437 -- Federal National Mortgage Association $9,000,000 par value, 8.50%, expiring 1/95, strike 100.00, call 21,094 -- -------------------------- Total bonds 52,318,118 50,690,564 Common trust funds - Debt instruments: NBD Bank - United States Master Trust - A fixed income fund invested in short-term debt Money Market Fund instruments 6,991,537 6,991,537 PIMCO Funds, low duration portfolio 2,918,288 shares 30,000,000 28,219,844 Total common trust funds - Debt instruments -------------------------- 36,991,537 35,211,381
F-20 Whirlpool 401(k) Plan Investments (continued) December 31, 1994
CURRENT MARKET ISSUER DESCRIPTION OF INVESTMENT COST VALUE - - ------------------------------------------------------------------------------------------------------------------------------------ Common trust funds - Equity instruments: Woodward Equity Index Fund 3,786,944 shares $ 38,780,886 $ 40,334,744 IDS New Dimensions Fund Inc. 5,569,812 shares 76,464,253 74,022,808 IDS Investment Series Inc. common, formerly IDS Mutual Inc. 2,462,523 shares 30,508,662 27,136,999 ----------------------------- Total common trust funds - Equity instruments 145,753,801 141,494,551 Whirlpool Corporation common stock 1,396,816 shares 59,839,113 70,190,004 Group annuity contract: Lincoln National Pension Insurance Company Contract GA-8645, 9.25%, maturing 9/30/96 27,350,147 27,350,147 ----------------------------- Total investments $322,252,716 $324,936,647 =============================
F-21 Whirlpool 401(k) Plan Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets Year ended December 31, 1994
CURRENT VALUE NUMBER OF ASSET ON IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS) - - ----------------------------------------------------------------------------------------------------------------------------------- NBD Bank NBD Master Trust Money 659 $85,541,008 $ - $ - $85,541,008 $ - Market Fund 643 - 92,896,781 92,896,781 - - IDS New Dimensions Fund 217 18,729,478 - - 18,729,478 - 156 - 14,256,446 13,981,483 - 274,963 IDS Investment Series 202 9,794,048 - - 9,794,048 - 164 - 9,017,467 9,388,465 - (370,998) Woodward Equity Index 185 9,924,936 - - 9,924,936 - 166 - 8,320,185 7,687,273 - 632,912 Various purchases and sales of Whirlpool Corporation common stock 189 33,723,299 - - 33,723,299 - 62 - 6,412,433 4,490,717 - 1,921,716 Federal National Mortgage Association Pass Thru TBA 30 year, 6.50%, maturing 2/14/24 1 9,871,875 - - 9,871,875 - 1 - 9,868,748 9,871,875 - (3,127)
F-22 Whirlpool 401(k) Plan Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets (continued) Year ended December 31, 1994
CURRENT VALUE NUMBER OF ASSET ON IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS) - - -------------------------------------------------------------------------------------------------------------------------------- NBD Bank Federal National Mortgage Association Pass Thru TBA 30 year, 6.50% maturing 3/14/24 2 $19,764,063 $ - $ - $19,764,063 $ - 2 - 19,596,871 19,764,063 - (167,192) 1 9,887,500 - - 9,887,500 - 1 - 9,799,998 9,882,031 - (82,033) 1 9,876,563 - - 9,876,563 - 1 - 9,796,873 9,882,031 - (85,158) Federal National Mortgage Association Pass Thru TBA 30 year, 7.00%, maturing 6/13/24 2 32,204,375 - - 32,204,375 - 2 - 32,333,199 32,204,375 - 128,824 1 16,144,688 - - 16,144,688 - 1 - 16,119,451 16,102,188 - 17,263 1 16,059,688 - - 16,059,688 - 1 - 16,213,748 16,102,188 - 111,560
F-23 Whirlpool 401(k) Plan Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets (continued) Year ended December 31, 1994
CURRENT VALUE NUMBER OF ASSET ON IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS) - - --------------------------------------------------------------------------------------------------------------------------------- NBD Bank Federal National Mortgage Association Pass Thru TBA 30 year, 7.00%, maturing 8/11/24 1 $16,033,125 $ - $ - $16,033,125 $ - 1 - 15,987,967 16,033,125 - (45,158) Federal National Mortgage Association Pass Thru TBA 30 year, 8.00%, maturing 9/14/24 2 17,007,969 - $ - $17,007,969 $ - 2 - 16,852,808 17,007,969 - (155,161) Federal National Mortgage Association Pass Thru TBA 30 year, 8.00%, maturing 12/13/24 2 17,699,375 - - 17,699,375 - 2 - 17,286,246 17,699,375 - (413,129)
F-24 Whirlpool 401(k) Plan Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets (continued) Year ended December 31, 1994
CURRENT VALUE NUMBER OF ASSET ON IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS) - - -------------------------------------------------------------------------------------------------------------------------------- NBD Bank Federal National Mortgage Association Pass Thru TBA 30 year, 7.00%, maturing 1/13/24 1 $10,200,000 $ - $ - $10,200,000 $ - 1 - 10,174,998 10,200,000 - (25,002) Federal National Mortgage Association Pass Thru TBA 30 year, 7.00%, maturing 4/14/24 1 10,071,875 - - 10,071,875 - 1 - 9,993,748 10,071,875 - (78,127) Federal National Mortgage Association Pass Thru TBA 30 year, 7.00%, maturing 5/15/24 1 10,064,063 - - 10,064,063 - 1 - 9,343,748 10,064,063 - (720,315)
F-25 Whirlpool 401(k) Plan Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets (continued) Year ended December 31, 1994
CURRENT VALUE NUMBER OF ASSET ON IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS) - - -------------------------------------------------------------------------------------------------------------------------------- NBD Bank Government National Mortgage Association Pass Thru, 30 year TBA, 7.00% maturing 5/15/24 1 $16,808,750 $ - $ - $16,808,750 $ - 1 - 16,500,625 16,808,750 - (308,125) Federal National Mortgage Association Pass Thru Gold TBA 30 year, 7.50%, maturing 7/15/24 2 17,381,250 - - 17,381,250 - 2 - 17,333,433 17,381,250 - (47,817) Federal National Mortgage Association Pass Thru TBA 30 year, 7.50%, maturing 10/13/24 2 17,195,625 - - 17,195,625 - 2 - 17,080,308 17,195,625 - (115,317)
F-26 Whirlpool 401(k) Plan Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets (continued) Year ended December 31, 1994
CURRENT VALUE NUMBER OF ASSET ON IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS) - - -------------------------------------------------------------------------------------------------------------------------------- NBD Bank Federal National Mortgage Association Pass Thru TBA 30 year, 6.50%, maturing 1/15/24 1 $12,050,625 $ - $ - $12,050,625 $ - 1 - 11,932,498 12,050,625 - (118,127) Federal National Mortgage Association Pass Thru TBA 30 year, 6.50%, maturing 4/14/24 1 11,816,250 - - 11,816,250 - 1 - 11,039,998 11,816,250 - (776,252)
The above information includes the 5% reportable transactions, including (a) single transactions, (b) series of transactions in the same securities, and (c) series of transactions with the same party. These transactions represent all 5% reportable transactions occurring in the Plan for the year ended December 31, 1994. F-27 Exhibit Index ------------- Sequential Exhibit No. Document Page Number* - - ----------- -------- ------------ 24 Consent of Ernst & Young LLP - - ------------------------------ *This information appears only in the manually signed original of the Form 11-K EX-24 2 CONSENT OF ERNST & YOUNG CONSENT OF ERNST & YOUNG LLP We consent to the incorporation by reference in the Registration Statements (Form S-8 Nos. 33-26680 and 33-53196) pertaining to the Whirlpool 401(k) Plan of Whirlpool Corporation and in the related Prospectus of our report dated May 24, 1995, with respect to the financial statements and schedules of the Whirlpool 401(k) Plan, included in this Annual Report (Form 11-K) for the year ended December 31, 1994. ERNST & YOUNG LLP Chicago, Illinois June 28, 1995 -----END PRIVACY-ENHANCED MESSAGE-----