-----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, VYCw048qknUS5YZdgSJDVgGgAXaLXmgBK9S2cq7HPdboKGLF2SNwX+yx8qJRI5S9 liODLNlKQ1sRztXsbbL9vw== 0000950131-96-003055.txt : 19960719 0000950131-96-003055.hdr.sgml : 19960719 ACCESSION NUMBER: 0000950131-96-003055 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960627 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: 96586762 BUSINESS ADDRESS: STREET 1: WHIRLPOOL CNTR 2000 M 63 STREET 2: C/O CORPORATE SECRETARY CITY: BENTON HARBOR STATE: MI ZIP: 49022 BUSINESS PHONE: 6169235000 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, 1995 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 2000 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 27, 1996 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, 1995 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 Benefits -- December 31, 1995 F-4 Statements of Changes in Assets Available for Benefits -- Two-Years Ended December 31, 1995 F-5 Notes to Financial Statements F-6 Item 27a - Schedule of Assets Held for F-18 Investment Purposes
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 [LETTERHEAD OF ERNST & YOUNG LLP] Report of Independent Auditors The Trustees Whirlpool 401(k) Plan We have audited the accompanying statements of assets available for benefits of the Whirlpool 401(k) Plan as of December 31, 1995 and 1994, and the related statements of changes in assets available for 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, 1995 and 1994, 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 assets held for investment purposes as of December 31, 1995, and reportable transactions 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 audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole. /s/ Ernst & Young LLP April 19, 1996 F-3 Whirlpool 401(k) Plan Statements of Assets Available for Benefits
DECEMBER 31 1995 1994 -------------------------- (Restated) Contributions receivable $ 7,783,258 $ 13,805,080 Interest and dividends receivable 555,279 585,747 Investments: At fair value: Common trust funds 263,768,324 179,918,953 Common stock of Whirlpool Corporation 66,191,880 70,190,004 At contract value: Guaranteed investment contract 60,251,783 56,189,837 Group annuity contract 19,887,187 27,350,147 At cost: Participant loans 15,312,081 11,290,487 -------------------------- 425,411,255 344,939,428 -------------------------- Assets available for benefits $433,749,792 $359,330,255 ==========================
See accompanying notes. F-4 Whirlpool 401(k) Plan Statements of Changes in Assets Available for Benefits
YEAR ENDED DECEMBER 31 1995 1994 -------------------------- (Restated) ADDITIONS Dividends on Whirlpool Corporation common stock $ 1,888,189 $ 1,508,711 Other dividends 11,889,525 5,474,145 Interest 5,811,499 11,155,451 -------------------------- 19,589,213 18,138,307 Net realized and unrealized appreciation (depreciation) in fair value of investments: Whirlpool Corporation common stock 4,811,509 (19,359,678) Investments other than Whirlpool Corporation common stock 45,126,965 (15,300,166) -------------------------- 49,938,474 (34,659,844) Employer contributions 3,410,838 7,897,965 Employee contributions 39,094,140 40,033,848 -------------------------- 42,504,978 47,931,813 -------------------------- Total additions 112,032,665 31,410,276 DEDUCTIONS Participant withdrawals 37,464,492 25,018,601 Administrative expenses 148,636 521,662 -------------------------- Total deductions 37,613,128 25,540,263 -------------------------- Net increase 74,419,537 5,870,013 Assets available for benefits at beginning of year as previously reported 359,330,255 349,858,417 Adjustment to prior years' financial statements - 3,601,825 -------------------------- Assets available for benefits at beginning of year as restated 359,330,255 353,460,242 -------------------------- Assets available for benefits at end of year $433,749,792 $359,330,255 ==========================
See accompanying notes. F-5 Whirlpool 401(k) Plan Notes to Financial Statements 1. DESCRIPTION OF PLAN The Whirlpool 401(k) Plan (the Plan) is a defined-contribution plan sponsored by Whirlpool Corporation and participating subsidiaries (referred to as Employer or Whirlpool.) The following description of the Plan provides only general information. Participants should refer to the Whirlpool Savings Plan Summary Plan Description for a more complete description of the Plan's provisions. Every full-time employee of 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 up to 15%, but not to exceed the maximum allowable annual contribution, as determined by the Internal Revenue Code. Such elections are made and can be adjusted by giving notice to the custodian 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 that consist of five levels of performance for the Employer. The attainment of these goals results in an Employer matching contribution based on the tax-deferred contributions of each employee (other than exempt employees, and employees who terminated employment during the year for a reason other than retirement, disability, or death) that do not exceed 5% of the employee's eligible earnings, as follows: (i) no matching contribution if Employer 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; and (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. Furthermore, participants who terminate during the year are not eligible for Employer matching contributions. F-6 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 1. DESCRIPTION OF PLAN (CONTINUED) The value of each participant's aggregate deposits can be invested in accordance with that participant'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, Inc. Because the fund is a broadly diversified fund, it may from time to time invest in securities of Whirlpool or its subsidiaries. Whirlpool Stock Fund The objective of the Whirlpool Stock Fund is to allow participants to share in the appreciation in value of the Employer'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 guaranteed investment contracts and a common trust fund. The underlying securities of the common trust fund include U.S. government bonds, Treasury notes, and corporate bonds. 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 F-7 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 1. DESCRIPTION OF PLAN (CONTINUED) 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 IDS Investment Series, Inc. Because the fund is a broadly diversified fund, it may, from time to time, invest in securities of Whirlpool or its subsidiaries. Effective January 1, 1995, participants can elect to invest in three additional funds: International Fund The objective of the International Fund is to produce higher long-term returns than the Index Fund; however, as with the Equity Growth Fund, this also means that there is somewhat greater return volatility. Also, return volatility may be increased due to the fact that this fund is invested primarily in the common and preferred stock of companies located outside of the United States, as well as in fixed income securities and other short- term securities. Dividends are reinvested. Small Capitalization Fund The objective of the Small Capitalization Fund is to produce higher long- term returns than the Equity Growth Fund; however, this also means that there is somewhat greater return volatility. The fund is invested primarily in common and preferred stock of companies located in the United States with market capitalizations of not more than $300,000,000 at the time the investment is made as well as in fixed income securities and other short-term securities. Dividends are reinvested. Money Market Fund The objective of the Money Market Fund is to earn a good return for investments concurrent with preservation of capital and liquidity. The Money Market Fund is invested in obligations issued or guaranteed by the U.S. government or its agencies, high quality certificates of deposit, time deposits, bankers' acceptances, variable rate master notes, commercial paper, and repurchase agreements. F-8 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 1. DESCRIPTION OF PLAN (CONTINUED) 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 that 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. 2. RESTATEMENT OF 1993 AND 1994 FINANCIAL STATEMENTS The 1993 and 1994 financial statements have been restated: (1) to reflect at contract value the guaranteed investment contract, as an investment of the Plan, rather than the corporate bonds held by the insurance company as security for its obligation under the wrap contract and to record the interest income earned thereon, and (2) to reflect previously unrecorded dividend income for one common trust fund. The effect of these adjustments was to increase 1994 dividend and interest income by $1,800,561 and $3,160,348, respectively, and to increase assets available for benefits at December 31, 1994 and 1993, by $4,960,909 and $3,601,825, respectively, from amounts previously reported. These adjustments had no effect on individual participant account activity previously reported to participants. F-9 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 3. SIGNIFICANT ACCOUNTING POLICIES INVESTMENTS HELD BY THE TRUST All the investments of the Plan are held by the Trust. The NBD Bank is custodian of the Trust's assets. The custodian invests all assets of the Trust except as follows: (i) The Individual Trustees 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 be allocated to one or more separate accounts within said investment fund and invested in accordance with the direction of the Individual Trustees or an investment manager designated by the Individual Trustees. 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. VALUATION OF INVESTMENTS The Plan's investments represent the Plan's share of the Trust's investments. The Plan's group annuity contracts and guaranteed investment contract are stated at contract value as reported by the insurance companies. Contract value represents contributions made under the contract, plus interest at the contract rate, less the insurance companies' administrative expenses. Whirlpool common stock is valued at the last reported sales price on a national securities exchange on the last business day of the Plan year. The fair value of the participation units owned by the Plan in the common trust funds is based on quoted redemption values on the last business day of the Plan year. Participant loans are valued at cost, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex- dividend date. PLAN EXPENSES In general, plan expenses, except for broker commissions and portfolio transaction fees, are paid by Whirlpool. F-10 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires the Trustees to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. RECLASSIFICATIONS Certain amounts in the 1994 financial statements have been reclassified to conform with the 1995 presentation. 4. INVESTMENTS A summary of the investments held at December 31 is as follows:
DECEMBER 31 1995 1994 -------------------------- (Restated) Investments, at fair value: Common trust funds $263,768,324 $179,918,953 Common stock of Whirlpool: (1,243,040 shares at December 31, 1995; 1,396,816 shares at December 31, 1994) 66,191,880 70,190,004 Investments, at contract value: Group annuity contract 19,887,187 27,350,147 Guaranteed investment contract 60,251,783 56,189,837 Investment, at cost: Participant loans 15,312,081 11,290,487 -------------------------- Total investments $425,411,255 $344,939,428 ==========================
The group annuity contract had an average yield of 9.32% and 8.61% in 1995 and 1994, respectively. The credited interest rate was 9.25% in 1995 and 1994. The contract matures in 1996; accordingly, the fair value is $19,887,187 at December 31, 1995. F-11 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 4. INVESTMENTS (CONTINUED) The guaranteed investment contract had an average yield of 6.97% and 6.64% in 1995 and 1994, respectively. The credited interest rate, which is adjusted annually on April 1, was 6.86% and 7.35% in 1995 and 1994, respectively. The fair value of the wrapper contract is $1,749,117, and the fair value of the underlying investment in the Lotsoff Capital Management Portfolio is $58,502,666 at December 31, 1995. The fair value of individual investments that represent 5% or more of the Plan's assets is as follows:
DECEMBER 31 1995 1994 ------------------------- (Restated) Whirlpool common stock $ 66,191,880 $70,190,004 Woodward Equity Index Fund 57,060,824 40,334,743 Lincoln National Pension Insurance Company, group annuity contracts - 27,350,147 PIMCO Funds, low duration portfolio 25,903,958 31,283,305 IDS New Dimensions Fund, Inc. 102,259,508 74,022,808 IDS Investment Series Inc., common, formerly IDS Mutual, Inc. 31,126,659 27,136,999 Security Life guaranteed investment contract 60,251,783 56,189,837 NBD Master Trust Money Market Fund 29,017,615 -
F-12 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 5. DETAIL OF THE ALLOCATION OF PLAN ASSETS Detail of the allocation of Plan assets as of December 31, 1995, follows:
SMALL EQUITY WHIRLPOOL INTER- CAPITALIZA- MONEY INDEX GROWTH STOCK INCOME BALANCED NATIONAL TION MARKET FUND FUND FUND FUND FUND FUND FUND FUND - - ----------------------------------------------------------------------------------------------------------------------------------- Contributions receivable $ - $ - $ - $ - $ - $ - $ - $ - Interest and dividends receivable - - 423,607 130,441 - - - 942 Investments: Common trust funds 57,091,495 102,259,508 212,766 52,538,242 31,126,659 5,517,039 12,882,721 2,093,059 Common stock of Whirlpool - - 66,191,880 - - - - - Group annuity contract - - - 19,887,187 - - - - Guaranteed investment contract - - - 60,251,783 - - - - Participant loans - - - - - - - - ------------------------------------------------------------------------------------------------------ Total investments 57,091,495 102,259,508 66,404,646 132,677,212 31,126,659 5,517,039 12,882,721 2,093,059 ------------------------------------------------------------------------------------------------------ Assets available for benefits $57,091,495 $102,259,508 $66,828,253 $132,807,653 $31,126,659 $5,517,039 $12,882,721 $2,094,001 ======================================================================================================
CONTRIBUTIONS LOAN PENDING FUND ALLOCATION TOTAL - - -------------------------------------------------------------------- Contributions receivable $ - $7,783,258 $ 7,783,258 Interest and dividends receivable - 289 555,279 Investments: Common trust funds - 46,835 263,768,324 Common stock of Whirlpool - - 66,191,880 Group annuity contract - - 19,887,187 Guaranteed investment contract - - 60,251,783 Participant loans 15,312,081 - 15,312,081 -------------------------------------- Total investments 15,312,081 46,835 425,411,255 -------------------------------------- Assets available for benefits $15,312,081 $7,830,382 $433,749,792 =====================================
Detail of the allocation of Plan assets as of December 31, 1994 (as restated), follows:
EQUITY WHIRLPOOL CONTRIBUTIONS INDEX GROWTH STOCK INCOME BALANCED LOAN PENDING FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL - - ------------------------------------------------------------------------------------------------------------------------------------ Contributions receivable $ - $ - $ - $ - $ - $ - $13,805,080 $ 13,805,080 Interest and dividends receivable 2 - 409,495 175,975 - - 275 585,747 Investments: Common trust funds 40,484,301 74,022,808 212,568 38,009,981 27,137,000 - 52,295 179,918,953 Common stock of Whirlpool - - 70,190,004 - - - - 70,190,004 Group annuity contract - - - 27,350,147 - - - 27,350,147 Guaranteed investment contract - - - 56,189,837 - - - 56,189,837 Loans to participants - - - - - 11,290,487 - 11,290,487 --------------------------------------------------------------------------------------------------------- Total investments 40,484,301 74,022,808 70,402,572 121,549,965 27,137,000 11,290,487 52,295 344,939,428 --------------------------------------------------------------------------------------------------------- Assets available for benefits $40,484,303 $ 74,022,808 $70,812,067 $121,725,940 $27,137,000 $11,290,487 $13,857,650 $359,330,255 =========================================================================================================
F-13 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 6. 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, 1995, follows:
SMALL EQUITY WHIRLPOOL INTER- CAPITALIZA- MONEY INDEX GROWTH STOCK INCOME BALANCED NATIONAL TION MARKET FUND FUND FUND FUND FUND FUND FUND FUND ------------------------------------------------------------------------------------------------------ Assets available for benefits at beginning of year (as restated) $40,484,303 $ 74,022,808 $70,812,067 $121,725,940 $27,137,000 $ - $ - $ - Dividends on Whirlpool common stock - - 1,888,189 - - - - - Other dividends 1,258,326 7,775,877 - 1,360,146 1,250,600 102,092 56,596 85,888 Interest 183,625 321,423 270,752 4,890,366 100,163 15,784 25,742 3,644 ------------------------------------------------------------------------------------------------------ 1,441,951 8,097,300 2,158,941 6,250,512 1,350,763 117,876 82,338 89,532 Net realized and unrealized appreciation in fair value of investments: Whirlpool common stock - - 4,811,509 - - - - - Investments other than Whirlpool common stock 13,938,029 22,422,860 - 1,907,942 5,078,717 409,392 1,370,025 - ------------------------------------------------------------------------------------------------------ 13,938,029 22,422,860 4,811,509 1,907,942 5,078,717 409,392 1,370,025 - Employer contributions - - - - - - - - Employee contributions 5,187,303 8,844,682 6,965,286 8,133,995 3,484,754 738,371 1,139,333 227,996 ------------------------------------------------------------------------------------------------------ 5,187,303 8,844,682 6,965,286 8,133,995 3,484,754 738,371 1,139,333 227,996 Participant withdrawals (2,220,324) (3,708,127) (3,910,029) (23,812,045) (2,425,763) (49,928) (67,898) (511,395) Loans issued (1,518,255) (2,727,039) (3,481,654) (2,562,529) (788,307) (79,649) (173,662) (46,742) Loan repayments 972,459 1,712,162 1,425,718 1,624,588 600,076 92,753 142,340 27,164 Administrative expenses (43,374) (21,728) (39,716) (27,878) (7,369) (758) (1,868) (499) Interfund transfers (1,150,597) (6,383,410) (11,913,869) 19,567,128 (3,303,212) 4,288,982 10,392,113 2,307,945 ------------------------------------------------------------------------------------------------------ Assets available for benefits at end of year $57,091,495 $102,259,508 $ 66,828,253 $132,807,653 $31,126,659 $5,517,039 $12,882,721 $2,094,001 ======================================================================================================
CONTRIBUTIONS LOAN PENDING FUND ALLOCATION TOTAL -------------------------------------- Assets available for benefits at beginning of year (as restated) $11,290,487 $ 13,857,650 $359,330,255 Dividends on Whirlpool common stock - - 1,888,189 Other dividends - - 11,889,525 Interest - - 5,811,499 --------------------------------------- 19,589,213 Net realized and unrealized appreciation in fair value of investments: Whirlpool common stock - - 4,811,509 Investments other than Whirlpool common stock - - 45,126,965 --------------------------------------- - - 49,938,474 Employer contributions - 3,410,838 3,410,838 Employee contributions - 4,372,420 39,094,140 --------------------------------------- - 7,783,258 42,504,978 Participant withdrawals (758,983) - (37,464,492) Loans issued 11,377,837 - - Loan repayments (6,597,260) - - Administrative expenses - (5,446) (148,636) Interfund transfers - (13,805,080) - --------------------------------------- Assets available for benefits at end of year $15,312,081 $ 7,830,382 $433,749,792 =======================================
F-14 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, 1994 (restated), follows:
EQUITY WHIRLPOOL CONTRIBUTIONS INDEX GROWTH STOCK INCOME BALANCED LOAN PENDING FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL ------------------------------------------------------------------------------------------------------------- Assets available for benefits at begin- ning of year as previously reported $40,566,786 $75,781,461 $63,070,323 $119,568,137 $29,869,122 $ 7,786,463 $13,216,125 $349,858,417 Adjustment to prior years' financial statements - - - 3,601,825 - - - 3,601,825 ------------------------------------------------------------------------------------------------------------- Assets available for benefits at beginning of year as restated 40,566,786 75,781,461 63,070,323 123,169,962 29,869,122 7,786,463 13,216,125 353,460,242 Dividends on Whirlpool common stock - - 1,508,711 - - - - 1,508,711 Other dividends 1,157,162 - - 1,800,561 2,516,422 - - 5,474,145 Interest 133,840 254,992 201,483 10,488,511 76,625 - - 11,155,451 ------------------------------------------------------------------------------------------------------------- 1,291,002 254,992 1,710,194 12,289,072 2,593,047 - - 18,138,307 Net realized and un- realized 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 contributions - - - - - - 7,897,965 7,897,965 Employee 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 Participant withdrawals (1,780,417) (1,866,028) (1,673,605) (17,941,661) (1,732,511) (24,379) - (25,018,601) Loans issued (1,015,491) (2,050,749) (2,636,544) (1,920,255) (666,429) 8,289,468 - - Loan repayments 687,017 1,318,441 1,054,577 1,267,481 433,549 (4,761,065) - - Administrative expenses (45,114) (23,269) (40,383) (322,972) (12,360) - (77,564) (521,662) Interfund transfers (4,008,785) (3,365,494) 21,346,571 2,911,075 (3,797,376) - (13,085,991) - ------------------------------------------------------------------------------------------------------------- Assets available for benefits at end of year as restated $40,484,303 $74,022,808 $70,812,067 $121,725,940 $27,137,000 $11,290,487 $13,857,650 $359,330,255 =============================================================================================================
F-15 Whirlpool 401(k) Plan Notes to Financial Statements (continued) 7. INCOME TAX STATUS The Internal Revenue Service ruled on March 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. The Plan administrator is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. F-16 Supplemental Schedules F-17 Whirlpool 401(k) Plan Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1995
NUMBER OF COST CURRENT SHARES OR CONTRACT MARKET DESCRIPTION OF INVESTMENT OR UNITS VALUE VALUE - - ---------------------------------------------------------------------------------------------- Common trust funds: PIMCO Funds, low duration portfolio 2,562,212 units $ 25,910,150 $ 25,903,958 Woodward Equity Index Fund 4,033,137 units 43,512,069 57,060,824 IDS New Dimensions Fund Inc. 5,921,222 units 84,335,762 102,259,508 IDS Investment Series Inc. common, formerly IDS Mutual Inc. 2,379,714 units 29,431,727 31,126,659 American Fund - Europacific Growth Fund Common SHS Ben Int 238,523 units 5,222,880 5,517,039 Heartland Value Fund Inc Common 460,920 units 12,219,482 12,882,721 NBD Master Trust Money Market Fund 29,017,615 units 29,017,615 29,017,615 -------------------------- Total common trust funds 229,649,685 263,768,324 Whirlpool Corporation common stock 1,243,040 shares 56,211,721 66,191,880 Insurance contracts: Lincoln National Pension Insurance Company Contract GA-8645, 9.25%, maturing 9/30/96 19,887,187 19,887,187 Security Life guaranteed investment contract 60,251,783 60,251,783 Participant loans (9%) - 15,312,081 ------------------------- Total investments $366,000,376 $425,411,255 ==========================
F-18 Whirlpool 401(k) Plan Item 27d - Schedule of Reportable Transactions Year ended December 31, 1995
CURRENT IDENTITY NUMBER VALUE OF OF OF ASSET ON PARTY TRANS- PURCHASE SELLING COST OF TRANSACTION NET GAIN INVOLVED DESCRIPTION OF ASSETS ACTIONS PRICE PRICE ASSET DATE (LOSS) - - -------------------------------------------------------------------------------------------------------------------------------- Category (iii) - Series of transactions in excess of 5% of plan assets - - ------------------------------------------------- NBD Bank* NBD Master Trust Money Market Fund 532 $78,651,532 $ - $ - $78,651,532 $ - 548 - 56,625,464 56,625,464 - - IDS New Dimensions Fund 197 27,797,199 - - 27,797,199 - 143 - 21,983,360 19,925,690 - 2,057,670 IDS Investment Series 181 7,453,526 - - 7,453,526 - 151 - 8,245,898 8,530,461 - (284,563) Woodward Equity Index 210 12,069,305 - - 12,069,305 - 164 - 8,721,581 7,338,122 - 1,383,459 Whirlpool Corporation common stock 90 17,781,714 - - 17,781,714 - 137 - 26,591,348 21,409,106 - 5,182,242
*Party in interest. Note: There were no category (i), (ii), or (iv) reportable transactions for the year ended December 31, 1995. Expenses related to the purchase and sales of investments are included in the cost of the investment or the proceeds from the sale and are not separately identified. F-19 Exhibit Index -------------
Sequential Exhibit No. Document Page Number* - - ----------- -------- ------------ 24 Consent of Ernst & Young
- - ----------------------------------------- *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 April 19, 1996, 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, 1995. ERNST & YOUNG LLP Chicago, Illinois June 25, 1996 -----END PRIVACY-ENHANCED MESSAGE-----