-----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, sMDNEMaXrjGPXSNdGD6r8s2ESAxZsndO1IOjkRlINyJC8DoS9OzlOBSn+GBLhThE Mn0V9HifQQBoGDj3/jfB7Q== 0000217346-95-000005.txt : 199506280000217346-95-000005.hdr.sgml : 19950628 ACCESSION NUMBER: 0000217346-95-000005 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950627 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXTRON INC CENTRAL INDEX KEY: 0000217346 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT & PARTS [3720] IRS NUMBER: 050315468 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05480 FILM NUMBER: 95549473 BUSINESS ADDRESS: STREET 1: 40 WESTMINSTER ST CITY: PROVIDENCE STATE: RI ZIP: 02903 BUSINESS PHONE: 4014212800 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN TEXTRON INC DATE OF NAME CHANGE: 19710510 11-K 1 1285 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 1994 Commission File Number 1-5480 A. Full title of the plan and address of the plan: TEXTRON SAVINGS PLAN 40 Westminster Street Providence, Rhode Island 02903 B. Name of issuer of the securities held pursuant to the plan and address of its principal executive office: TEXTRON INC. 40 Westminster Street Providence, Rhode Island 02903 REQUIRED INFORMATION Financial Statements and Exhibit The following Plan financial statements and schedules prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974 are filed herewith, as permitted by Item 4 of Form 11-K: Report of Independent Auditors Statement of Net Assets Available for Benefits for each of the two years ended December 31, 1994 and 1993 Statement of Changes in Net Assets Available for Benefits for each of the two years ended December 31, 1994 and 1993 Notes to financial statements Schedule I - Assets Held for Investment Schedule II - Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets The Consent of Independent Auditors is filed as an exhibit to this Annual Report. Pursuant to the requirements of the Securities Exchange Act of 1934, the Committee appointed by the Board of Directors of Textron Inc. to administer the Plan has duly caused this Annual Report on Form 11-K to be signed by the undersigned hereunto duly authorized. TEXTRON SAVINGS PLAN By: /s/Duncan I. Sutherland Attorney-in-fact Date: June 27, 1995 Financial Statements and Supplemental Schedules Textron Savings Plan Years ended December 31, 1994 and 1993 with Report of Independent Auditors Textron Savings Plan Financial Statements and Supplemental Schedules Years ended December 31, 1994 and 1993 Contents Report of Independent Auditors 1 Audited Financial Statements Statement of Net Assets Available for Benefits, December 31, 1994 2 Statement of Net Assets Available for Benefits, December 31, 1993 3 Statement of Changes in Net Assets Available for Benefits, December 31, 1994 4 Statement of Changes in Net Assets Available for Benefits, December 31, 1993 5 Notes to Financial Statements 6 Supplemental Schedules Schedule I--Assets Held for Investment 15 Schedule II--Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets 17 1 Report of Independent Auditors The Benefits Committee Textron Savings Plan We have audited the accompanying statements of net assets available for benefits of the Textron Savings Plan (the Plan) as of December 31, 1994 and 1993, and the related statements of changes in net 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 net assets available for benefits of the 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. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment 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 basic financial statements. The Fund Information in the statement of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our 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/Ernst & Young LLP New York, New York June 15, 1995 2 Textron Savings Plan
Statement of Net Assets Available for Benefits December 31, 1994 Fund Fund Fund Fund Loan A B C H Fund Total Assets (In Thousands) Investments, at fair value (Notes 2, 5 and 8): Textron Inc. Common Stock $772,465 $ $ $ $ $ 772,465 U.S. Government securities 18,411 18,411 Common/collective trust funds 1,875 67,711 11,437 65 81,088 Participant notes receivable 72 72 774,340 67,711 29,848 65 72 872,036 Insurance contracts, at contract value (Notes 2 and 8) 146,995 146,995 Total investments 774,340 67,711 176,843 65 72 1,019,031 Receivables: Investment income 5,394 162 5,556 Interfund 179 179 Other 57 25 82 Total receivables 5,451 25 341 5,817 Total assets 779,791 67,736 177,184 65 72 1,024,848 Liabilities Payables: Contributions 2,496 310 367 3,173 Interest 160 160 Investments purchased 2,548 2,548 Interfund 164 15 179 5,368 325 367 6,060 Senior note (Note 6) 14,195 14,195 Total liabilities 19,563 325 367 20,255 Net assets available for benefits $760,228 $67,411 $176,817 $65 $72 $1,004,59 3
See notes to financial statements. 3
Textron Savings Plan Statement of Net Assets Available for Benefits December 31, 1993 Fund Fund Fund Fund A B C H Loans Total Assets (In Thousands) Investments, at fair value (Notes 2, 5 and 8): Textron Inc. Common Stock $923,438 $ $ $ $ $ 923,438 U.S. Government securities 33,967 33,967 Common/collective trust funds 1,432 63,637 15,726 22 80,817 Participant notes receivable 76 76 924,870 63,637 49,693 22 76 1,038,298 Insurance contracts, at contract value (Notes 2 and 8) 132,361 132,361 Total investments 924,870 63,637 182,054 22 76 1,170,659 Receivables: Investment income 4,921 370 5,291 Interfund 395 395 Other 456 39 10 1 506 Total receivables 5,377 434 380 1 6,192 Total assets 930,247 64,071 182,434 22 77 1,176,851 Liabilities Payables: Contributions 1,077 86 330 1,493 Interest 208 208 Investments purchased 815 10 825 Interfund 388 7 395 2,488 96 337 2,921 Senior note (Note 6) 29,595 29,595 Total liabilities 32,083 96 337 32,516 Net assets available for benefits $898,164 $63,975 $182,097 $22 $77 $1,144,33 5
See notes to financial statements. 4
Textron Savings Plan Statement of Changes in Net Assets Available for Benefits Year ended December 31, 1994 Fund Fund Fund Fund Loan A B C H Fund Total (In Thousands) Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments (Note 8) $(121,61 $ 1,032 $(1,378) $ $ $(121,96 5) 1) Dividends 22,565 22,565 Interest 57 11,110 2 6 11,175 (98,993) 1,032 9,732 2 6 (88,221) Contributions, net: Participants 51,732 9,999 10,158 71,889 Employer 20,874 20,874 72,606 9,999 10,158 92,763 Total additions (26,387) 11,031 19,890 2 6 4,542 Deductions from net assets attributed to: Benefits paid to participants (107,390) (7,234) (25,898) (140,522) Forfeitures (2,178) (2,178) Interest expense (699) (699) Administrative expenses (657) (94) (134) (885) Total deductions (110,924) (7,328) (26,032) (144,284) Net increase (decrease) prior to (137,311) 3,703 (6,142) 2 6 (139,742) interfund transfers Interfund transfers, net (625) (267) 862 41 (11) Net increase(decrease) (137,936) 3,436 (5,280) 43 (5) (139,742) Net assets available for benefits: Beginning of year 898,164 63,975 182,097 22 77 1,144,335 End of year $760,228 $67,411 $176,817 $65 $72 $1,004,59 3
See notes to financial statements. 5
Textron Savings Plan Statement of Changes in Net Assets Available for Benefits Year ended December 31, 1993 Fund Fund Fund Fund A B C H Loans Total (In Thousands) Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments (Note 8) $219,108 $ 5,618 $ 872 $ $ $225,598 Dividends 21,029 21,029 Interest 36 12,583 7 12,626 240,173 5,618 13,455 7 259,253 Contributions, net: Participants 49,291 9,989 11,690 70,970 Employer 21,411 21,411 70,702 9,989 11,690 92,381 Total additions 310,875 15,607 25,145 7 351,634 Deductions from net assets attributed to: Benefits paid to participants (110,758) (5,673) (23,388) (5) (139,824) Forfeitures (2,187) (2,187) Interest expense (996) (996) Administrative expenses (651) (85) (153) (889) Total deductions (114,592) (5,758) (23,541) (5) (143,896) Net increase (decrease) prior to 196,283 9,849 1,604 2 207,738 interfund transfers Interfund transfers, net (4,900) 2,059 2,899 21 (79) Net increase (decrease) 191,383 11,908 4,503 21 (77) 207,738 Net assets available for benefits: Beginning of year 706,781 52,067 177,594 1 154 936,597 End of year $898,164 $63,975 $182,097 $22 $ 77 $1,144,33 5
See notes to financial statements. 6 Textron Savings Plan Notes to Financial Statements December 31, 1994 and 1993 1. Description of Plan The Textron Savings Plan (the "Plan") is an employee stock ownership plan. For a description of the Plan, refer to the Summary Plan Description that is on file with the Department of Labor and available at the Human Resources office of Textron Inc. ("Textron"). 2. Summary of Significant Accounting Policies General The Plan is administered under the terms of a Trust Agreement, dated May 1, 1989, with Bankers Trust Company (the "Trustee"). Certain prior year amounts have been reclassified to conform to the current year's financial statement presentation. Investment Options The Plan allows employee contributions to be invested in Fund A, B, or C, based on the election of the employee. The employee must contribute at least 50% to Fund A. Fund H is available to any participant who has attained age 55 and completed ten years of Textron service. Employer contributions are entirely invested in Fund A. Fund A invests primarily in Textron Common Stock that is either purchased by the Trustee or contributed by Textron. Fund B invests primarily in the BT Pyramid Large Capitalization Equity Index Fund which is principally a portfolio of common stocks constructed and maintained with the objective of providing investment results which approximate the overall performance of the common stocks included in the Standard & Poor's Composite Index of 500 stocks. During 1993, Fund B invested primarily in the BT Pyramid Equity Index Fund which had the same basic investment objective as the BT Pyramid Large Capitalization Equity Index Fund. Fund C may be invested in bonds, notes, debentures, government obligations, insurance contracts, short-term securities, money market instruments and other fixed income instruments at the discretion of Textron Inc. or an Investment Manager designated by Textron. 7 2. Significant Accounting Policies (continued) Fund H is invested in the BT Pyramid Directed Account Cash Fund, which is a portfolio of short-term instruments, primarily demand master notes, certificates of deposit, and commercial paper. At the discretion of the Trustee or other Investment Manager, a portion of the assets of Fund A, B, C, or H may be maintained in cash or invested in short-term securities (BT Pyramid Directed Account Cash Fund and BT Pyramid Discretionary Account Cash Fund). At December 31, 1994, there were approximately 30,700 participants in Fund A, 11,700 in Fund B, 15,400 in Fund C and 3 in Fund H. Investment Valuation and Income Recognition Textron Common Stock is valued at the New York Stock Exchange closing price on the last business day of the Plan year. U.S. Government securities are valued at fair value as determined by quoted market price. The BT Pyramid Large Capitalization Equity Index Fund and BT Pyramid Equity Index Fund are valued at the redemption price established by the fund's Trustee which is generally based on the fair value of the underlying assets. The BT Pyramid Directed Account Cash Fund and BT Pyramid Discretionary Account Cash Fund include pooled temporary investments and are stated at cost which approximates market value. Insurance contracts are valued at contract value which represents contributions made, plus accrued interest, less funds used to pay employee withdrawals and administrative expenses. Participant notes receivable are valued at cost which approximates fair value. Purchases and sales of investments are recorded on a trade- date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Dividends, interest and other distributions received by the Plan are reinvested in the fund in which earned. 8 2. Significant Accounting Policies (continued) Fair Value of Insurance Contracts The fair values presented in Note 8 are estimates of the fair values of the insurance contracts at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. Therefore, the fair values presented are not necessarily indicative of amounts the Plan could realize or settle currently. The Plan does not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note 8 for further information about fair values of financial instruments. Contributions Participants of the Plan are entitled to elect compensation deferrals within the limits prescribed by Section 401(k) of the Internal Revenue Code (the "Code"). Contributions from employees and employee compensation deferrals, which are matched 50% by Textron subject to certain ERISA restrictions and plan limits, are recorded when Textron makes payroll deductions from participants' wages. The total of the matching contributions (net of employee forfeitures) made by Textron is limited by the Textron Board of Directors to $40 million for any calendar year. For the years ending December 31, 1994 and 1993, employee contributions included rollovers of approximately $.9 million and $1 million, respectively. Textron makes contributions to the Plan based on estimated contribution levels. In addition, Textron may make, at its own discretion, additional contributions. To the extent actual contributions by the participants differ from estimated contributions, a contribution receivable or payable from Textron will result. All forfeitures arising out of a participant's termination of employment for reasons other than retirement, disability or death, are used to reduce future Textron contributions. Textron's contributions are also reduced by the market value of any excess shares that are released as a result of the loan payment (see Note 5). For the years ending December 31, 1994 and 1993, employer contributions were reduced by approximately $22.8 million and $20.7 million, respectively. Additional contributions may be required by Textron to fund debt service payments on the senior note (see Note 6). Such contributions amounted to $7.7 million in 1994 and $6.4 million in 1993. 9 2. Significant Accounting Policies (continued) Administrative Expenses All administrative expenses are paid from Plan assets. 3. Unit Valuation Plan equity is reported on a unit valuation basis except for Fund A, which is reported on a per share basis. Unit values are determined by dividing the Plan equity in each fund by the number of fund units outstanding. At December 31, 1994, the number of units outstanding and the values for each unit were: Number of Units Value per unit Fund B 22,676,686 2.972700685 C 83,759,885 2.110998600 H 39,095 1.662616703 4. Benefits In the event a participant ceases to be an employee or becomes totally disabled while employed, all of his or her accounts to the extent then vested shall become distributable. Distributions of more than forty whole shares of Textron stock shall be in the form of Textron Common Stock. Distributions of forty or less whole shares of Textron Common Stock shall be in the form of cash unless the participant or beneficiary expressly requests Textron Common Stock. All other distributions shall be in the form of cash. An account will be distributed in a single payment if the value of the account is less than $3,500 when the account first becomes distributable. If the value of the account is $3,500 or more when the account first becomes distributable, a participant is not required to take a distribution immediately. However, current federal law requires Textron to begin to distribute accounts by April 1 of the year following the year in which the participant reaches age 70 1/2. A participant is always vested in those portions of his or her account attributable to his or her own contributions and compensation deferrals and to 10 4. Benefits (continued) discretionary contributions by Textron. Employees of discontinued operations become fully vested upon approval of the Administrative and Management Committee. The Plan provides for full vesting of a participant's plan account in the event of his or her termination of employment, other than for cause, within two years after a change in control of Textron. Textron's 50% matching contributions vest based on the length of participation in the Plan as follows: Ownership Months of Participation Interest 24 months but less than 36 months 25% 36 months but less than 48 months 50% 48 months but less than 60 months 75% 60 months or more 100% A separate account is maintained for each participant and is increased monthly by (a) the participant's contributions and compensation deferrals, (b) Textron's 50% matching contribution, and annually by the pro rata share of additional discretionary contributions made by Textron, if any, and (c) the pro rata share of income. While Textron has not expressed any intent to terminate the Plan, it is free to do so at any time. In the event of termination, each participant automatically becomes vested to the extent of the balance in his or her separate account. 5. Unallocated Shares During 1989, coincident with the conversion of the Plan to an employee stock ownership plan, the Plan purchased from Textron Inc. 3,652,969 shares of Textron Common Stock with the proceeds of a $100 million bank loan (see Note 6). Such shares of Textron Common Stock are released for allocation to the accounts of participants as the loan is repaid. The Plan makes loan repayments with dividends received on unallocated shares and certain other shares and contributions received from Textron. Unallocated shares are collateral for the loan. The value of the Textron Common Stock allocated as matching contributions and dividends will be the average fair market value for the period the shares are allocated to the participants' accounts, even though the shares may have been 11 5. Unallocated Shares (continued) purchased earlier at a different value as part of a block purchase made by the Trustee. At December 31, 1994, Fund A includes 433,754 shares with a market value of $21,850,353 and a cost of $11,873,990 (954,485 shares with a market value of $55,598,772 and a cost of $26,129,013 at December 31, 1993) that remain unallocated. 6. Senior Note The Plan has a senior note payable to a bank that is guaranteed by Textron which relates to a $100 million term loan agreement entered into during 1989. The agreement provides for the note to be repaid over a seven-year period in quarterly installments beginning April 3, 1990. The maturity date of the note has been changed to October 3, 1995 due to a prepayment of principal at the note's inception. The note bears interest at 85% of either the lower of the Eurodollar rate or a base rate. Such rate was 4.50% and 2.82% at December 31, 1994, and December 31, 1993, respectively. The note is prepayable in whole or in part on any interest payment date without penalty. A payment of $14,195,000 is required during 1995. 7. Participant Loans The Textron Capital Accumulation Plan and the Textron Capital Accumulation Plan for Hourly Employees (collectively, "TCAP") were merged into the Plan effective May 1, 1989. The TCAP, prior to their merger into the Plan, allowed participants to receive loans from their pre-tax contribution accounts. Because the Plan does not provide for participant loans, no new loans were made to former TCAP participants after April 30, 1989. Existing loans must be repaid with interest to the participant's pre-tax contribution account. The loan repayments and related interest will be invested in the investment funds in the same manner as the optional contributions to the Plan the participant is then making. If the participant is not then making contributions to the Plan, the loan repayments will be invested in Fund C. 12 8. Investments The fair value of individual investments that represent 5% or more of the fair value of the Plan's net assets is as follows: December 31 1994 1993 (Share and dollar amounts in thousands) Investments at fair value as determined by quoted market price Textron Inc. Common Stock*, 15,334 and 15,853 shares, respectively $772,465 $923,438 Investments at estimated fair value BT Pyramid Equity Index Fund*, 64 63,627 shares BT Pyramid Large Capitalization Equity Index Fund*, 67 shares 67,711 Total investments at fair value $840,176 $987,065 * Indicates party-in-interest to the Plan. During 1994 and 1993, the Plan's investments (including investments bought, sold, and held during the year) appreciated (depreciated) in fair value by $(121,961,000) and $225,598,000 as follows: December 31 1994 1993 (In thousands) Investments at fair value as determined by quoted market price Textron Inc. Common Stock $(121,615) $219,108 U.S. Government securities ( 1,378) 872 Net change in fair value (122,993) 219,980 Investments at estimated fair value Common/collective trust funds 1,032 5,618 Net change in fair value $(121,961) $225,598 13 8. Investments (continued) Statement of Financial Accounting Standards No. 107, "Disclosures about Fair Value of Financial Instruments" (FAS 107), requires disclosure of fair value information about all financial instruments held or owned by a plan except for certain excluded instruments and instruments for which it is not practicable to estimate fair value. Note 2 describes the methods and assumptions used in determining the fair value of all Plan investments except insurance contracts. The estimated fair value of the Plan's investment in guaranteed insurance contracts was determined by discounted cash flow analyses using U.S. Treasury note interest rates with maturities similar to the remaining terms of the guaranteed insurance contracts. The estimated fair value of such contracts was approximately $143,000,000 and $136,738,000 at December 31, 1994 and 1993, respectively. 9. Differences between Financial Statements and Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: December 31 1994 1993 (In thousands) Net assets available for benefits per the financial statements $1,004,593 $1,144,335 Amounts allocated to withdrawn ( 16,153) ( 12,081) participants Net assets available for benefits $988,440 $1,132,254 per the Form 5500 The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: Year Ended December 31 1994 (In thousands) Benefits paid to participants per the financial $140,522 statements Add: Amounts allocated on Form 5500 to withdrawn participants at December 31, 1994 16,153 Less: Amounts allocated on Form 5500 to withdrawn participants at December 31, 1993 (12,081) Benefits paid to participants per the Form 5500 $144,594 14 9. Differences between Financial Statements and Form 5500 (continued) Amounts allocated to withdrawn participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to year end but not yet paid as of that date. 10. Income Tax Status The Internal Revenue Service (IRS) has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code (the Code) and that the related trust is therefore exempt from federal income taxes under the provision of Section 501(a) of the Code. In addition, the IRS has ruled that the plan qualifies as an Employee Stock Ownership Plan under Section 4975(e)(7) of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. Textron is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. Supplemental Schedules 15 Textron Savings Plan Schedule I--Assets Held for Investment December 31, 1994 Number Cost/ of Contract Shares or Units Value Market (In Thousands) Fund A Textron Inc. Common Stock* 15,334 $473,892 $772,465 BT Pyramid Directed Account 1,875 1,875 1,875 Cash Fund* Total Fund A $475,767 $774,340 Fund B BT Pyramid Large Capitalization Equity Index 67 $67,040 $67,711 Fund* Total Fund B $67,040 $67,711 Fund C Insurance Contracts: Metropolitan Life Ins. Co. Matures through 6/30/98; 15,924 $15,924 $14,699 4.67% Matures through 3/1/99; 5.27% 3,135 3,135 2,934 Matures through 3/31/99; 5,237 5,237 4,871 5.11% Matures through 5/15/99; 10,465 10,465 10,278 7.38% Prudential Asset Management Matures 7/31/95; 5% 2,249 2,249 2,227 Matures 9/10/96; 4.18% 10,550 10,550 9,951 Matures 6/1/97; 7.08% 5,222 5,222 5,138 Matures 7/31/97; 6.3% 10,427 10,427 10,184 NY Life Insurance Co. Matures 7/31/95; 9.05% 5,864 5,864 5,945 Matures 7/31/96; 5.65% 6,850 6,850 6,645 Matures 3/31/97; 7.7% 6,746 6,746 6,742 Matures 9/9/98; 5.2% 10,686 10,686 9,693 Matures through 8/16/99; 10,273 10,273 10,059 7.33% 16 Textron Savings Plan Schedule I--Assets Held for Investment (continued) Number Cost/ of Contract Shares or Units Value Market (In Thousands) Fund C (continued) Aetna Matures 5/1/95; 9.12% 12,027 12,027 12,147 John Hancock Mutual Life Ins. Co. Matures 1/3/95; 8.14% 12,303 12,303 12,308 Matures 1/2/96; 8.36% 11,025 11,025 11,137 Mass Mutual Life Ins. Co. Matures through 1/31/97; 8,012 8,012 7,922 6.11% Government Obligations: Federal National Mortgage Association: Matures 9/25/01; 6.4% 3,000 2,949 2,960 Matures 9/25/07; 5.8% 3,416 3,418 3,255 Matures 4/25/17; 6.5% 9,000 8,999 8,432 Federal Home Loan Mortgage Corp. Matures 2/15/01; 6.65% 892 878 885 Matures 3/15/13; 7.0% 1,751 1,718 1,739 Matures 12/15/19; 6.5% 1,157 1,115 1,140 BT Pyramid Directed Account 11,437 11,437 11,437 Cash Fund* Total Fund C $177,509 $172,728 Fund H BT Pyramid Directed Account 65 $ 65 $ 65 Cash Fund* Total Fund H $ 65 $ 65 Total all funds $720,381 $1,014,844 Loans Loans Receivable (9.5% - 11%) 72 $ 72 $ 72 * Indicates party-in-interest to the Plan. 17 Textron Savings Plan Schedule II--Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets Year ended December 31, 1994
Current Value of Purchase Selling Cost of Asset on Net Gain Identity of Party Description Price Price Assets Transactio (Loss) n Date (Dollars in Thousands) Category (i)--Individual transactions in excess of 5% of plan assets Bankers Trust Company* Purchase of 64,844 units of BT Pyramid Large $ 64,514 $ 64,514 $ 64,514 Capitalization Equity Index Fund Sale of 64,878 units of BT Pyramid Equity Index Fund $ 64,514 42,584 64,514 $21,930 Category (iii)--Series of transactions in excess of 5% of plan assets ** Purchase of 1,521,202 shares of Textron Inc. 81,413 81,413 81,413 Common Stock in 341 transactions Bankers Trust Company* Purchase of 120,042,667 units of BT Pyramid Directed Account Cash Fund 120,043 120,043 120,043 in 201 transactions Sale of 123,845,912 units of BT Pyramid Directed Account Cash Fund in 246 123,846 123,846 123,846 transactions Purchase of 73,606 units of BT Pyramid Large Capitalization Equity 73,154 73,154 73,154 Index Fund in 63 transactions
18 Textron Savings Plan Schedule II--Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets (continued)
Current Value of Purchase Selling Cost of Asset on Net Gain Identity of Party Description Price Price Assets Transaction (Loss) Date (Dollars in Thousands) Category (iii)--Series of transactions in excess of 5% of plan assets (continued) Bankers Trust Company* Sale of 66,623 units of BT (continued) Pyramid Equity Index Fund 66,263 43,723 66,263 22,540 in 5 transactions There were no category (ii) or (iv) reportable transactions during the year. * Indicates party-in-interest to the Plan. **Transactions made on the market.
19 TEXTRON SAVINGS PLAN ANNUAL REPORT ON FORM 11-K FOR FISCAL YEAR ENDED DECEMBER 31, 1994 EXHIBIT INDEX Exhibit Number Description Page 24 Consent of 20 Independent Auditors 25 Power of Attorney 21 20 EX-23 2 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statements (Form S-8 No. 33-00668 and Form S-8 No. 33-37139) pertaining to the Textron Savings Plan of Textron Inc. of our report dated June 15, 1995, with respect to the financial statements and schedules of the Textron Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1994. /s/ ERNST & YOUNG LLP New York, New York June 23, 1995 21 EX-25 3 EXHIBIT 25 POWER OF ATTORNEY The undersigned members of the Committee administering the Textron Savings Plan of Textron Inc. (the "Plan"), do hereby constitute and appoint Wayne W. Juchatz, Arnold M. Friedman, Michael D. Cahn and Duncan I. Sutherland, and each of them, with full powers of substitution, their true and lawful attorneys and agents to do or cause to be done any and all acts and things and to execute and deliver any and all instruments and documents which said attorneys and agents, or any of them, may deem necessary or advisable in order to enable the Plan to comply with the Securities and Exchange Act of 1934, as amended, and any requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing of the Plan's Annual Report on Form 11-K for the fiscal year ended December 31, 1994, including specifically, but without limitation, power and authority to sign the names of the undersigned in the capacities indicated below to such Annual Report filed with the Securities and Exchange Commission, to any and all amendments to such Annual Report, to any instruments or documents or other writings in which the original or copies thereof are to be filed as a part of or in connection with such Annual Report or amendments thereto, and to file or cause to be filed the same with the Securities and Exchange Commission; and each of the undersigned hereby ratifies and confirms all that such attorneys and agents, and each of them, shall do or cause to be done hereunder and such attorneys and agents, and each of them, shall have, and may exercise, all of the powers hereby conferred. IN WITNESS WHEREOF, each of the undersigned has signed his name hereto, on the 19th day of June, 1995. /s/ Richard A. McWhirter Richard A. McWhirter Committee Member /s/ Richard A. Watson Richard A. Watson Committee Member /s/ William F. Wayland William F. Wayland Committee Member -----END PRIVACY-ENHANCED MESSAGE-----