-----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, OwH2lSMnJMTKW2e4jigMIrEidLFMP8elF8nZAWpBGBwjJB/4Yrdaw9UVpYof1/UH +0tEhWGDK5FIkfHxPWeAOw== 0000217346-94-000014.txt : 19940702 0000217346-94-000014.hdr.sgml : 19940702 ACCESSION NUMBER: 0000217346-94-000014 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXTRON INC CENTRAL INDEX KEY: 0000217346 STANDARD INDUSTRIAL CLASSIFICATION: 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: 94534912 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 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 1993 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 at December 31, 1993 and 1992 Statement of Changes in Net Assets Available for Benefits for each of the two years ended December 31, 1993 and 1992 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 Duncan I. Sutherland Attorney-in-fact Date: June 17,1994 Financial Statements and Supplemental Schedules Textron Savings Plan Years ended December 31, 1993 and 1992 with Report of Independent Auditors Textron Savings Plan Financial Statements and Supplemental Schedules Years ended December 31, 1993 and 1992 Contents Report of Independent Auditors 1 Audited Financial Statements Statement of Net Assets Available for Benefits, December 31, 1993 2 Statement of Net Assets Available for Benefits, December 31, 1992 3 Statement of Changes in Net Assets Available for Benefits, December 31, 1993 4 Statement of Changes in Net Assets Available for Benefits, December 31, 1992 5 Notes to Financial Statements 6 Supplemental Schedules Schedule I--Assets Held for Investment 14 Schedule II--Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets 16 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, 1993 and 1992, 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. These 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, 1993 and 1992, 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, 1993, 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 supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young New York, New York May 6, 1994
Textron Savings Plan Statement of Net Assets Available for Benefits December 31, 1993 Fund Fund Fund Fund A B C H Loans Total (in thousands) Assets Investments, at market (Note 5): Textron Inc. common stock $923,438 $ - $ - $ - $ - $ 923,438 U.S. Government securities - - 33,967 - - 33,967 Equity index fund - 63,627 - - - 63,627 Short-term investments 1,432 10 15,726 22 - 17,190 924,879 63,637 49,693 22 - 1,038,222 Guaranteed insurance contracts, at contract value - - 132,361 - - 132,361 Total investments 924,879 63,637 182,054 22 - 1,170,583 Receivables: Investment income 4,921 - 370 - - 5,291 Interfund - 395 - - - 395 Loans - - - - 76 76 Other 456 39 10 - 1 506 Total Receivables 5,377 434 380 - 77 6,268 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 $1,144,335
Textron Savings Plan Statement of Net Assets Available for Benefits December 31, 1992 Fund Fund Fund Fund A B C H Loans Total (in thousands) Assets Investments, at market (Note 5): Textron Inc. common stock $749,432 $ - $ - $ - $ - $ 749,432 U.S. Government securities - - 37,553 - - 37,553 Equity index fund - 52,167 - - - 52,167 Short-term investments 1,662 1 16,599 2 - 18,264 751,094 52,168 54,152 2 - 857,416 Guaranteed insurance contracts, at contract value - - 125,082 - - 125,082 Total investments 751,094 52,168 179,234 2 - 982,498 Receivables: Investment income 4,695 - 239 - - 4,934 Interfund - 496 - - - 496 Loans - - - - 154 154 Other 14 17 23 - - 54 Total Receivables 4,709 513 262 - 154 5,638 Total Assets 755,803 52,681 179,496 2 154 988,136 Liabilities Payables: Contributions 1,305 145 227 - - 1,677 Interest 319 - - - - 319 Employee withdrawals 186 469 1,542 1 - 2,198 Investments purchased 1,854 - - - - 1,854 Interfund 363 - 133 - - 496 4,027 614 1,902 1 - 6,544 Senior note (Note 6) 44,995 - - - - 44,995 Total liabilities 49,022 614 1,902 1 - 51,539 Net assets available for benefits $706,781 $52,067 $177,594 $1 $154 $936,597
Textron Savings Plan Statement of Changes in Net Assets Available for Benefits December 31, 1993 Fund Fund Fund Fund A B C H Loans Total (in thousands) Contributions, net: Employee $ 49,291 $ 9,989 $ 11,690 $ - $ - $ 70,970 Employer 21,411 - - - - 21,411 70,702 9,989 11,690 - - 92,381 Repayment of loans 12 34 33 - (79) - Investment income: Dividends 21,029 - - - - 21,029 Interest - - 12,043 - 7 12,050 Short-term and equity index funds 36 - 540 - - 576 21,065 - 12,583 - 7 33,655 Increase in unrealized appreciation of investments held 161,627 3,458 787 - - 165,872 Realized appreciation on stock distributed, sold or forfeited 57,481 2,160 85 - - 59,726 310,887 15,641 25,178 - (72) 351,634 Employee withdrawals (110,758) (5,673) (23,388) - (5) (139,824) Employee transfers (4,912) 2,025 2,866 21 - - Employee forfeitures (2,187) - - - - (2,187) Interest expense (996) - - - - (996) Administrative expenses (651) (85) (153) - - (889) (119,504) (3,733) (20,675) 21 (5) (143,896) 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 $1,144,335
Textron Savings Plan Statement of Changes in Net Assets Available for Benefits December 31, 1992 Fund Fund Fund Fund Fund A B C D H Loans Total Contributions, net: Employee $ 43,485 $ 9,095 $ 13,283 $ - $ - $ - $ 65,863 Employer 24,233 - - - - - 24,233 67,718 9,095 13,283 - - - 90,096 Repayment of loans 69 140 172 - - (381) - Investment income: Dividends 19,148 - - - - - 19,148 Interest - - 11,951 180 2 27 12,160 Short-term and equity index funds 40 2 887 - - - 929 19,188 2 12,838 180 2 27 32,237 Increase in unrealized appreciation of investments held 53,038 2,053 200 - - - 55,291 Realized appreciation on stock distributed, sold or forfeited 31,368 1,660 - - - - 33,028 171,381 12,950 26,493 180 2 (354) 210,652 Employee withdrawals (79,835) (4,942) (20,222) (315) (88) (27) (105,429) Employee transfers (2,517) 2,642 9,209 (9,420) 86 - - Employee forfeitures (2,322) - - - - - (2,322) Interest expense (1,770) - - - - - (1,770) Administrative expenses (142) (20) (36) - - - (198) (86,586) (2,230) (11,049) (9,735) (2) (27) (109,719) Net increase (decrease) 84,795 10,630 15,444 (9,555) - (381) 100,933 Net assets available for benefits: Beginning of year 621,986 41,437 162,150 (9,555) 1 535 835,664 End of year $706,781 $52,067 $177,594 - $1 $154 $936,597
Textron Savings Plan Notes to Financial Statements December 31, 1993 and 1992 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. Significant Accounting Policies Investments The Plan is administered under the terms of a trust agreement, dated May 1, 1989, with Bankers Trust Company (the "Trustee"). 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 is invested entirely in Textron Common Stock that is either purchased by the Trustee or contributed by Textron. Fund B is invested in Bankers Trust Company's (the Trustee) Equity Index Fund, which is a portfolio of common stocks constructed with the objective of providing investment results that approximate the overall performance of the common stocks included in the Standard & Poors Corporate Index of 500 stocks. The above mentioned funds are invested in their respective type of security except during an administrative period when small amounts may be invested in short-term securities or held uninvested. 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 the Textron Inc. or an investment manager designated by Textron. Textron Savings Plan Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) Fund D, which was merged into Fund C effective March 31, 1992, was primarily invested in annuity contracts with life insurance companies. Fund D, which was available to former participants of the Incentive Savings Plan for Salaried Employees of Avco Corporation ("Avco-ISP"), was for distributions only. The Avco-ISP was merged into the Plan as of December 31, 1985. Only former Avco-ISP participants who chose at January 1, 1984, to have their retirement income plan amounts transferred to Fund D were participants in such fund. Fund H is invested in the trustee's Short-term Investment Fund, which is a portfolio of short-term instruments, primarily demand master notes, certificates of deposit, and commercial paper. At December 31, 1993, there were approximately 30,700 participants in Fund A, 11,400 in Fund B, 15,900 in Fund C and 2 in Fund H. 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 Equity Index Fund is valued at the redemption price established by the fund's trustee which is generally based on the fair value of the underlying assets. The Short-term Investment Fund, sponsored by the trustee, includes pooled temporary investments and is stated at cost which approximates market value. Insurance contracts are valued at contract value that represents contributions made, plus accrued interest, less funds used to pay employee withdrawals and administrative expenses. Investment income is recorded as earned on an accrual basis. Dividends, interest and other distributions received by the Plan are reinvested in the fund in which earned. Textron Savings Plan Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) Changes in unrealized gains on investments in Funds A, B and C were calculated as follows: Fund A Fund B Fund C Total (In Thousands) 12/31/91 unrealized gains $256,959 $ 16,650 $ - $ 273,609 12/31/92 unrealized gains 309,997 18,703 200 328,900 1992 change in unrealized gains $ 53,038$ 2,053 $ 200 $ 55,291 12/31/92 unrealized gains $ 309,997 $ 18,703 $200 $ 328,900 12/31/93 unrealized gains 471,624 22,161 987 494,772 1993 change in unrealized gains $ 161,627 $ 3,458 $787 $ 165,872
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, 1993 and 1992, employee contributions included rollovers of approximately $1 million and $3.8 million, respectively. Textron Savings Plan Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) 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, 1993 and 1992, employer contributions were reduced by approximately $10.7 million and $5.5 million, respectively. Additional contributions may be required by Textron to fund debt service payments on the senior note (see Note 6). Administrative Expenses All administrative expenses of the Plan were paid by Textron through September 30, 1992. Effective October 1, 1992, such expenses are paid by the Plan. 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, 1993, the number of units outstanding and the values for each unit were: Number of Units Value per unit Fund B 63,974,337 2.908502672 C 182,097,452 1.961163783 H 21,370 1.595634070 Textron Savings Plan Notes to Financial Statements (continued) 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 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. Textron Savings Plan Notes to Financial Statements (continued) 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 purchased earlier at a different value as part of a block purchase made by the Trustee. At December 31, 1993, Fund A includes 954,485 shares with a market value of $55,598,772 and a cost of $26,129,013 (1,472,109 shares with a market value of $65,877,000 and a cost of $40,299,000 at December 31, 1992) that remain unallocated. 6. Senior Note The Plan has a senior note payable to a bank that is guaranteed by Textron. The note is payable in quarterly installments beginning April 1, 1992, and bears interest at 85% of either the lower of the Eurodollar rate or a base rate. Such rate was 2.82% and 2.72% at December 31, 1993, and December 31, 1992, respectively. The note is prepayable in whole or in part on any interest payment date without penalty. Required payments during the next five years on the senior note outstanding at December 31, 1993, are as follows: (In thousands) 1994 $15,400 1995 14,195 $29,595 Textron Savings Plan Notes to Financial Statements (continued) 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 payments will be invested in Fund C. 8. Investments Investments that represent 5% or more of the fair value of the Plan's net assets available for benefits at December 31, 1993, are as follows: (In thousands) Textron Inc. Common Stock* $ 923,438 Equity Index Fund* $ 63,627 * Indicates party-in-interest to the Plan. 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 $136,738,000. Textron Savings Plan Notes to Financial Statements (continued) 9. 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 Textron Savings Plan Schedule I--Assets Held for Investment December 31, 1993 Number Cost/ of Shares Contract or Units Value Market (In Thousands) Fund A Textron Inc. Common Stock* 15,853 $ 451,814 $ 923,438 Short-term Investment Fund* 1,432 1,432 Total Fund A $ 453,246 $ 924,870 Fund B Equity Index Fund* 64 $ 41,466 $ 63,627 Short-term Investment Fund* 10 10 Total Fund B $ 41,476 $ 63,637 Fund C Guaranteed Insurance Contracts: Metropolitan Life Ins. Co. Matures 6/30/98; 4.6% 15,213 $ 15,213 $ 14,888 Prudential Asset Management Matures 12/31/93; 9.27% 7,764 7,764 7,764 Matures 7/31/95; 5% 2,142 2,142 2,169 Matures 7/31/97; 6.3% 9,809 9,809 10,274 Matures 9/10/96; 4.18% 10,126 10,126 10,029 NY Life Insurance Co. Matures 7/31/94; 8.95% 5,361 5,361 5,543 Matures 7/31/95; 9.05% 5,378 5,378 5,806 Matures 3/31/97; 7.7% 6,264 6,264 6,838 Matures 7/31/96; 5.65% 6,484 6,484 6,672 Matures 9/9/98; 5.2% 10,158 10,158 10,182 Aetna Matures 5/1/95; 9.12% 22,043 22,043 23,040 John Hancock Mutual Life Ins. Co. Matures 1/3/95; 8.14% 11,377 11,377 11,908 Matures 1/2/96; 8.36% 10,174 10,174 11,058
Textron Savings Plan Schedule I - Assets Held for Investment (continued) December 31, 1993 Number Cost/ of Shares Contract or Units Value Market (In Thousands) Fund C (continued) Mass Mutual Life Ins. Co. Matures through 1/31/97; 6.11% 10,068 10,068 10,567 Government Obligations: Federal National Mortgage Association: Matures 9/25/01; 6.4% 3,000 2,950 3,062 Matures 9/25/07; 5.8% 5,695 5,698 5,759 Matures 10/25/13; 5.5% 8,000 7,830 8,062 Matures 4/25/17; 6.5% 9,000 8,999 9,217 Federal Home Loan Mortgage Corp. Matures 2/15/01; 6.65% 2,000 1,968 2,048 Matures 3/15/13; 7.0% 2,000 1,963 2,060 Matures 2/15/17; 5.5% 698 680 698 Matures 12/15/19; 6.5% 3,000 2,892 3,061 Short-term Investment Fund* 15,726 15,726 Total Fund C 165,754 $ 181,067 $ 186,431 Fund H Short-term Investment Fund* $ 22 $ 22 Total Fund H $ 22 $ 22 Total all funds $ 675,811 $1,174,960 Loans Loans Receivable (9.5% - 11%) 9 $ 76 $ 76 * Indicates party-in-interest to the Plan.
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, 1993 Current Value Purchase Selling Cost of Transaction Identity of Party Description Price Price Assets Date Net Gain Category (iii)--series of transactions in excess of 5% of plan assets Textron Inc.* Fund A--purchase of 1,423 shares of Textron Inc. common stock in 334 transactions $ 86,522 $ 86,522 $ 86,522 Bankers Trust Company* Fund A, C, H--purchase of 120,521 units of Bankers Trust Pyramid Directed Account Cash Fund in 257 transactions 120,521 120,521 120,521 Fund A, C, H--sale of 121,595 units of Bankers Trust Pyramid Directed Account Cash Fund in 306 transactions 121,595 121,595 121,595 There were no category (i), (ii) or (iv) reportable transactions during the year. *Indicates party-in-interest to the Plan.
EX-23 2 EXHIBIT EXHIBIT CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registra- tion Statements (Forms 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 3, 1994, 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, 1993. S/Ernst & Young New York, New York June 13, 1994 -----END PRIVACY-ENHANCED MESSAGE-----