-----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, Dk9Zz+tFpROuaEGCgaja1CJ5JI4tCdmdCgwdxCg2KLRb5A1zNxSqlw/LjIcWAlEB b/vLUaWrxT9y1QwiboHQYA== 0000109710-95-000015.txt : 199507030000109710-95-000015.hdr.sgml : 19950703 ACCESSION NUMBER: 0000109710-95-000015 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950630 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLARK EQUIPMENT CO /DE/ CENTRAL INDEX KEY: 0000109710 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL TRUCKS TRACTORS TRAILERS & STACKERS [3537] IRS NUMBER: 380425350 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05646 FILM NUMBER: 95551161 BUSINESS ADDRESS: STREET 1: 100 N MICHIGAN ST STREET 2: PO BOX 7008 CITY: SOUTH BEND STATE: IN ZIP: 46634 BUSINESS PHONE: 2192390100 MAIL ADDRESS: STREET 1: 100 N MICHIGAN ST P O BOX 7008 STREET 2: 100 N MICHIGAN ST P O BOX 7008 CITY: SOUTH BEND STATE: IN ZIP: 46634 FORMER COMPANY: FORMER CONFORMED NAME: CLARK EQUIPMENT CO DATE OF NAME CHANGE: 19691109 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [Fee required] For the fiscal year ended December 31, 1994 TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [No fee required] For the transition period from _______________ to ______________ Commission File Number: 1-5646 Full title of the Plan and address of the Plan, if different from that of the issuer named below: CLARK SAVINGS AND INVESTMENT PLAN Name of the issuer of the securities held pursuant to the Plan and the address of its principal executive office: CLARK EQUIPMENT COMPANY 100 North Michigan Street P. O. Box 7008 South Bend, Indiana 46634 -1- Attached hereto are the financial statements and schedules for the Clark Savings and Investment Plan ("Plan") prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974. Exhibits (24) Consent of Price Waterhouse LLP ************************************************************ SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed by the undersigned thereunto duly authorized. CLARK SAVINGS AND INVESTMENT PLAN By /s/ Dennis D. Beehler Dennis D. Beehler Member, Administrative Committee By /s/ Nancy L. Boose Nancy L. Boose Member, Administrative Committee By /s/ Virginia A. Hippenmeyer Virginia A. Hippenmeyer Member, Administrative Committee By /s/ Richard J. Rosenthal Richard J. Rosenthal Member, Administrative Committee By /s/ Robert D. Johnson Robert D. Johnson Member, Administrative Committee Date: June 29, 1995 -2- Clark Savings and Investment Plan Financial Statements December 31, 1994 and 1993 Report of Independent Accountants To the Participants and Administrator of the Clark Savings and Investment Plan In our opinion, the accompanying statements of net assets available for benefits with fund information and the related statements of changes in net assets available for benefits with fund information present fairly, in all material respects, the net assets available for benefits of the Clark Savings and Investment Plan at December 31, 1994 and 1993, and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The fund information in the statements of net assets available for benefits with fund information and the statements of changes in net assets available for benefits with fund information are presented for purposes of additional analysis rather than to present the net assets available for benefits and the changes in net assets available for benefits of each fund. The fund information has been subjected to the auditing procedures applied in the audits of the basic financial statements, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ Price Waterhouse LLP PRICE WATERHOUSE LLP South Bend, Indiana June 23, 1995 Clark Savings and Investment Plan Statement of Net Assets Available for Benefits at December 31, 1994 with Fund Information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Plan's undivided interest in the Clark Equipment Company Master Trust for Individual Account Plans (Notes 3 and 7) $60,246,858 $ - $12,901,333 $5,729,412 $1,310,084 $7,405,212 $10,242,025 $4,793,976 $102,628,900 Net assets available for benefits $60,246,858 $ - $12,901,333 $5,729,412 $1,310,084 $7,405,212 $10,242,025 $4,793,976 $102,628,900 The accompanying notes are an integral part of these financial statements.
Clark Savings and Investment Plan Statement of Net Assets Available for Benefits at December 31, 1993 with Fund Information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Plan's undivided interest in the Clark Equipment Company Master Trust for Individual Account Plans (Notes 3 and 7) $59,503,886 $9,310,729 $25,880,195 $ - $ - $ - $ - $ - $94,694,810 Net assets available for benefit $59,503,886 $9,310,729 $25,880,195 $ - $ - $ - $ - $ - $94,694,810 The accompanying notes are an integral part of these financial statements.
Clark Savings and Investment Plan Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1994 with Fund Information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Additions to net assets attributed to: Plan's undivided interest in investment income (loss) of the Clark Equipment Company Master Trust for Individual Account Plans (Note 7) $3,365,837 $ - $3,734,655 $ (980) $(13,987) $(305,990) $ 90,082 $409,588 $ 7,279,205 Contributions (Note 4): Participant 1,623,774 - 203,229 1,049,182 89,391 1,233,809 841,565 - 5,040,950 Employer 461,295 - 52,320 303,619 12,382 365,277 252,988 - 1,447,881 Total contributions 2,085,069 - 255,549 1,352,801 101,773 1,599,086 1,094,553 - 6,488,831 Total additions 5,450,906 - 3,990,204 1,351,821 87,786 1,293,096 1,184,635 409,588 13,768,036 Deductions from net assets attributed to: Distributions to participants (3,580,922) - (1,449,140) (39,298) - (76,521) (498,875) (183,761) (5,828,517) Loan fees (4,263) - (120) (316) (6) (224) (500) - (5,429) Total deductions (3,585,185) - (1,449,260) (39,614) (6) (76,745) (499,375) (183,761) (5,833,946) Net increase prior to interfund 1,865,721 - 2,540,944 1,312,207 87,780 1,216,351 685,260 225,827 7,934,090 Interfund transfers (1,122,749) (9,310,729) (15,519,806) 4,417,205 1,222,304 6,188,861 9,556,765 4,568,149 - Net increase (decrease) 742,972 (9,310,729) (12,978,862) 5,729,412 1,310,084 7,405,212 10,242,025 4,793,976 7,934,090 Net assets available for benefits: Beginning of year 59,503,886 9,310,729 25,880,195 - - - - - 94,694,810 End of year $60,246,858 $ - $12,901,333 $5,729,412 $1,310,084 $7,405,212 $10,242,025 $4,793,976 $102,628,900 The accompanying notes are an integral part of these financial statements.
Clark Savings and Investment Plan Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1993 with Fund Information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Additions to net assets attributed to: Plan's undivided interest in investment income of the Clark Equipment Company Master Trust for Individual Account Plans (Note 7) $4,402,780 $ 884,065 $20,034,509 $ - $ - $ - $ - $ - $25,321,354 Contributions (Note 4): Participant 2,936,793 626,490 161,773 - - - - - 3,725,056 Employer - - 1,217,049 - - - - - 1,217,049 Total contributions 2,936,793 626,490 1,378,822 - - - - - 4,942,105 Total additions 7,339,573 1,510,555 21,413,331 - - - - - 30,263,459 Deductions from net assets attributed to: Distributions to participants (8,277,728) (1,330,394) (2,724,394) - - - - - (12,332,516) Net increase (decrease) prior to interfund transfers (938,155) 180,161 18,688,937 - - - - - 17,930,943 Interfund transfers 6,385,306 314,043 (6,699,349) - - - - - - Net increase 5,447,151 494,204 11,989,588 - - - - - 17,930,943 Net assets available for benefits: Beginning of year 54,056,735 8,816,525 13,890,607 - - - - - 76,763,867 End of year $59,503,886 $9,310,729 $25,880,195 $ - $ - $ - $ - $ - $94,694,810 The accompanying notes are an integral part of these financial statements.
Clark Savings and Investment Plan Notes to Financial Statements 1. Description of the Plan General...The Clark Savings and Investment Plan (the "Plan"), as amended, is administered by a committee appointed by the Board of Directors of Clark Equipment Company (the "Company") for the benefit of eligible employees. Participants should refer to the Plan document for more complete information. Participation...All full-time U.S. employees of the Company and its subsidiaries, except employees covered under a separate plan or employees whose terms and conditions of employment are governed by a collective bargaining agreement which does not by its terms specify coverage under the Plan, are eligible to participate in the Plan upon completion of at least one year of service as defined in the Plan. Contributions...Eligible employees electing to participate in the Plan may make monthly basic contributions of from 1% to 6% of their base pay, as defined by the Plan, and may also make additional monthly contributions of from 1% to 10% of their base pay. Annual employee contributions are subject to limitations imposed by the Internal Revenue Service. The Company makes monthly contributions to the Plan equivalent to 50% of the amount of the basic contributions made by participating employees. Vesting...Participants are immediately vested in 100% of all Company contributions. Participant-directed investment programs...As of January 1, 1994, participating employees may elect to allocate their contributions to (a) a fixed income fund under a group annuity contract (Fund A), (b) a Clark Equipment Company common stock fund (Fund C), (c) The George Putnam Fund of Boston (Fund D), (d) Putnam Global Growth Fund (Fund E), (e) Putnam Vista Fund (Fund F), or Putnam S&P 500 Index Fund (Fund G) in any combination of 5% increments that combined equal 100%. A participant loan fund (Fund H) was also created January 1, 1994. Prior to January 1, 1994 participant loans were recorded in the other funds of the Plan. There were 1,993 employees participating in the Plan at December 31, 1994. Prior to January 1, 1994, participating employees were required to allocate their contributions to either (a) a fixed income fund under a group annuity contract (Fund A), (b) an equity fund which invests in equity securities (Fund B), (c) a Clark Equipment Company common stock fund (Fund C), or (d) any two or all three funds in any combination in 25% increments. There were 1,221 employees participating in the Plan at December 31, 1993. Clark Savings and Investment Plan Notes to Financial Statements Participant loans...The Plan allows participants the option of borrowing against their available fund balances (excluding company-matched contributions). The principal amount of any participant loan, at origination or renewal, shall not be less than $500 and the maximum loan amount and total of all outstanding loans shall not exceed the lesser of 50% of the vested portion of the participant's fund balances or $50,000. The $50,000 maximum loan amount, however, is reduced by the excess of the highest outstanding balance of loans during the preceding year over the outstanding balance of the loan on the origination date. Participants are required to repay loans in monthly installments over the term of the loan. Routine loans have terms ranging from one to five years, while certain conditions such as the purchase of a home occasionally result in loan terms in excess of five years. The interest rate associated with each participant loan is determined by the United Federal Credit Union's rate for a loan secured by a member's account as of the effective date of each loan. Prior to January 1, 1994, the interest rate on participant loans was determined by the Harris Trust and Savings Bank prime rate plus one percentage point as of the effective date of each loan. The loan rates were 6.0% and 6.5% at December 31, 1994 and 1993, respectively. Distributions...Distributions of participant account balances occur upon termination of employment, retirement, disability or death. Participants have the option to defer the distribution of benefits. However, the participants are prohibited from making contributions during the deferral period. Federal Income Tax Status...The Plan administrator was advised by the Internal Revenue Service on March 27, 1995, that the Plan, conditioned upon the adoption of the restated plan as submitted on March 13, 1995, constitutes a qualified plan under the appropriate sections of the Internal Revenue Code (IRC), and is therefore not subject to Federal Income Tax. The Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements. Plan Termination...Although the Company has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Clark Savings and Investment Plan Notes to Financial Statements 2. Accounting Policies Basis of Accounting The accounts of the Plan are maintained on the accrual basis of accounting. Investments Investments in equity securities are stated at quoted market value (current value). Investments in group annuity contracts held by insurance companies are stated at contract value. Net unrealized appreciation or depreciation for the period is reflected in the statement of changes in net assets available for benefits. Realized gains or losses on sales of investments are recorded as the difference between proceeds received and cost. Cost is determined on the average cost method. Purchases of investments are recorded on the settlement date. Expenses The majority of all Plan expenses is paid by the Plan's sponsor, Clark Equipment Company. A portion of the expenses associated with the Metropolitan Life Insurance Company group annuity contract, however, is paid directly by participants of the Plan in the form of reduced fixed income earnings. Beginning in 1994, participants also paid fees related to the processing of new loans through direct charges to the individual accounts of those participants that obtained new loans. 3. Change in Trustee Effective January 1, 1994, the Plan changed its Trustee and expanded the Plan's investment options. Funds A and C remain essentially unchanged, while Fund B was replaced with four funds new to the Plan. Three of the four additional funds are the Putnam Vista Fund, the Putnam S&P 500 Index Fund, and The George Putnam Fund of Boston and were added January 1, 1994. Effective July 1, 1994, the fourth fund, the Putnam Global Growth Fund, was added to the Plan. Concurrent with adding new funds to the Plan, participants were allowed to allocate their contributions between the funds in 5% increments and may change these allocations on a daily basis. 4. Employer and Participant Contributions Employer contributions to the Plan represent 50% of participants' basic contributions. Effective January 1, 1994 employer contributions were invested in the same funds and in the same proportions as the participant contribu- tions. Prior to January 1, 1994, employer contributions Clark Savings and Investment Plan Notes to Financial Statements were invested solely in Fund C. Starting in January 1994, participants were allowed to transfer up to 15% per month of their December 31, 1993, investment in Fund C to other funds of the Plan. Starting in May 1994, participants were allowed to transfer 15% of their Fund C holdings in the first half of each month and another 15% in the second half of each month to other funds in the Plan. 5. Investment Valuation and Significant Investments Fund A The primary asset of this fund is a group annuity contract held by The Metropolitan Life Insurance Company and is carried at contract value (represented by deposits received and interest credited, reduced by funds transferred and funds disbursed to participants). Interest rates credited to the fund were 6.10% in 1994 and 8.00% in 1993. Fund B The primary assets of Fund B were invested as follows: Average Current Cost Value Description Units Per Unit Per Unit Harris Bank Collective Investment Funds - Index Fund: 1993 9,175 $610.58 $949.75 Fund C The primary assets of Fund C were invested as follows: Average Current Cost Value Description Shares Per Unit Per Unit Clark Equipment Company Common Stock: 1994 236,327 $38.13 $54.25 1993 492,586 $26.25 $52.38
Clark Savings and Investment Plan Notes to Financial Statements Fund D The primary assets of Fund D were invested as follows: Average Current Cost Value Description Units Per Unit Per Unit The George Putnam Fund of Boston - Mutual Fund 1994 443,796 $13.50 $12.91 Fund E The primary assets of Fund E were invested as follows: Average Current Cost Value Description Units Per Unit Per Unit Putnam Global Growth Fund - Mutual Fund 1994 142,092 $9.63 $9.22 Fund F The primary assets of Fund F were invested as follows: Average Current Cost Value Description Units Per Unit Per Unit Putnam Vista Fund - Mutual Fund 1994 1,031,367 $7.45 $7.18 Fund G The primary assets of Fund G were invested as follows: Average Current Cost Value Description Units Per Unit Per Unit Putnam S&P 500 Index Fund - Common/Collective Trust 1994 1,012,058 $10.01 $10.12
Fund H The primary asset of this fund is participant loans which are secured by the participants account balance and are carried at estimated fair value. Clark Savings and Investment Plan Notes to Financial Statements 6. Subsequent Event During May 1995, Clark Equipment Company was purchased by Ingersoll-Rand through a tender offer of $86 per share and subsequent merger. Fund C was converted to cash as a result of the repurchase of all of Clark Equipment Company's outstanding shares. The cash was subsequently transferred to Fund A or to the other available investment options according to the participant's instructions, Fund C was then removed from the available investment options. 7. Investment in Master Trust The undesignated assets of three of the Company's separate pension plans (Clark Savings and Investment Plan, Melroe Savings and Investment Plan and Chicago Midwest Savings and Investment Plan) are included in the Clark Equipment Company Master Trust for Individual Account Plans. The Trustee maintains separate accounting of all contributions, distributions and income and expenses received by the Trust. Each pension plan has a specific interest in the assets of the Trust. On the following pages is a summary of the master trust financial information. Clark Savings and Investment Plan Notes to Financial Statements (Note 7 continued) Net Assets Available for Benefits at December 31, 1994 with fund information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Assets Investments at fair value: Value of interest in separate account $63,157,450 $ - $ - $ - $ - $ - $ - $ - $ 63,157,450 Common stock - - 13,738,968 - - - - - 13,738,968 Mutual funds - - - 6,333,097 1,372,038 8,086,134 - - 15,791,269 Value of interest in common/collective trust - - - - - - 11,206,930 - 11,206,930 Participant loans receivable - - - - - - - 5,056,840 5,056,840 Total investments 63,157,450 - 13,738,968 6,333,097 1,372,038 8,086,134 11,206,930 5,056,840 108,951,457 Transfer in process 58,425 - 80,608 - - - - - 139,033 Net assets available for benefits $63,215,875 $ - $13,819,576 $6,333,097 $1,372,038 $8,086,134 $11,206,930 $5,056,840 $109,090,490
Clark Savings and Investment Plan Notes to Financial Statements (Note 7 continued) Net Assets Available for Benefits at December 31, 1993 with fund information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Assets Investments at fair value: Value of interest in separate account $58,406,186 $ - $ - $ - $ - $ - $ - $ - $58,406,186 Common stock - - 27,308,954 - - - - - 27,308,954 Mutual funds - - - - - - - - - Value of interest in common/collective trust - 9,103,396 - - - - - - 9,103,396 Participant loan receivable 2,976,670 511,857 92,964 - - - - - 3,581,491 Total investments 61,382,856 9,615,253 27,401,918 - - - - - 98,400,027 Transfer in process 8,300 - (8,300) - - - - - - Cash 1 131,782 171,851 - - - - - 303,634 Total assets 61,391,157 9,747,035 27,565,469 - - - - - 98,703,661 Liabilities Due to broker - - 171,508 - - - - - 171,508 Total liabilities - - 171,508 - - - - - 171,508 Net assets available for benefits $61,391,157 $9,747,035 $27,393,961 $ - $ - $ - $ - $ - $98,532,153
Clark Savings and Investment Plan Notes to Financial Statements (Note 7 continued) Statement of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1994 with fund information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Additions to net assets attributed to: Investment income: Interest and dividends $3,504,341 $ - $ 1,129 $ 309,650 $ 47,062 $ 61,041 $ - $ - $3,923,223 Participant loan interest - - - - - - - 419,878 419,878 Collective investment fund income - - - - - - 423 - 423 Other, primarily realized gains (losses) (3,219) - 13,288,773 (23,835) (1,595) (93,385) (20,385) - 13,146,354 Unrealized appreciation (depreciation) - - (9,408,761) (286,365) (59,887) (288,973) 120,042 - (9,923,944) Total investment income 3,501,122 - 3,881,141 (550) (14,420) (321,317) 100,080 419,878 7,565,934 Contributions: Participants 2,178,405 - 264,382 1,378,278 101,925 1,618,127 1,255,370 - 6,796,487 Employer 678,297 - 75,084 428,505 15,878 503,106 405,783 - 2,106,653 Total contributions 2,856,702 - 339,466 1,806,783 117,803 2,121,233 1,661,153 - 8,903,140 Total additions 6,357,824 - 4,220,607 1,806,233 103,383 1,799,916 1,761,233 419,878 16,469,074 Deductions from net assets attributed to: Distributions to participants (3,610,726) - (1,459,500) (41,557) - (83,848) (519,225) (190,130) (5,904,986) Loan fees (4,385) - (140) (355) (6) (310) (555) - (5,751) Total deductions (3,615,111) - (1,459,640) (41,912) (6) (84,158) (519,780) (190,130) (5,910,737) Net increase prior to interfund transfers 2,742,713 - 2,760,967 1,764,321 103,377 1,715,758 1,241,453 229,748 10,558,337 Interfund transfers (917,995) (9,747,035)(16,335,352) 4,568,776 1,268,661 6,370,376 9,965,477 4,827,092 - Net increase (decrease) 1,824,718 (9,747,035)(13,574,385) 6,333,097 1,372,038 8,086,134 11,206,930 5,056,840 10,558,337 Net assets available for benefits: Beginning of year 61,391,157 9,747,035 27,393,961 - - - - - 98,532,153 End of year $63,215,875 $ - $13,819,576 $6,333,097 $1,372,038 $8,086,134 $11,206,930 $5,056,840 $109,090,490
Clark Savings and Investment Plan Notes to Financial Statements (Note 7 continued) Statement of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1993 with fund information Fund A Fund B Fund C Fund D Fund E Fund F Fund G Fund H Total Additions to net assets attributed to: Investment income: Interest $4,290,740 $2,302 $3,333 $ - $ - $ - $ - $ - $ 4,296,375 Participant loan interest 230,525 39,478 13,275 - - - - - 283,278 Collective investment fund income - 256,298 - - - - - - 256,298 Other, primarily realized gains (losses) (3,165) 342,625 2,417,097 - - - - - 2,756,557 Unrealized appreciation (depreciation) - 270,559 18,385,163 - - - - - 18,655,722 Total investment income 4,518,100 911,262 20,818,868 - - - - - 26,248,230 Contributions: Participant 3,719,123 849,485 181,063 - - - - - 4,749,671 Employer 109,159 - 1,593,517 - - - - - 1,702,676 Total contributions 3,828,282 849,485 1,774,580 - - - - - 6,452,347 Total additions 8,346,382 1,760,747 22,593,448 - - - - - 32,700,577 Deductions from net assets attributed to: Distributions to participants (8,293,553) (1,333,087) (2,729,864) - - - - - (12,356,504) Net increase prior to interfund transfers 52,829 427,660 19,863,584 - - - - - 20,344,073 Interfund transfers 6,405,861 313,812 (6,719,673) - - - - - - Net increase 6,458,690 741,472 13,143,911 - - - - - 20,344,073 Net assets available for benefits: Beginning of year 54,932,467 9,005,563 14,250,050 - - - - - 78,188,080 End of year $61,391,157 $9,747,035 $27,393,961 $ - $ - $ - $ - $ - $98,532,153
Clark Savings and Investment Plan EXHIBIT INDEX Filed Herewith Unless Exhibit Description Otherwise Indicated (24) Consent of Price Waterhouse LLP __ EX-24 2 EXHIBIT 24 Consent of Independent Accountants We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 33-28226, 2-99369, 2-77136, and 2-61096) of our report dated June 23, 1995, which report is included in the Financial Statements for the Clark Savings and Investment Plan for the year ended December 31, 1994, which are filed along with the Form 11-K to which this consent is attached as an exhibit. /s/Price Waterhouse LLP Price Waterhouse LLP South Bend, Indiana June 29, 1995 -----END PRIVACY-ENHANCED MESSAGE-----