-----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, IdxMSaukaaQDWwwPFYZMG8GuhX86YBSot8L5sVnu1mlNtCUQAfJyG00On8Rj1Vcq O+/YXOypcQ5ccYMPTOYZYQ== 0000217346-96-000012.txt : 19960701 0000217346-96-000012.hdr.sgml : 19960701 ACCESSION NUMBER: 0000217346-96-000012 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NYSE 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: 96588151 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 CONSENT 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, 1995 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, 1995 and 1994 Statement of Changes in Net Assets Available for Benefits for each of the two years ended December 31, 1995 and 1994 Notes to financial statements Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes Item 27d - Schedule of Reportable Transactions 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/Michael D. Cahn Attorney-in-fact Date: June 27, 1996 Financial Statements and Supplemental Schedules Textron Savings Plan Years ended December 31, 1995 and 1994 with Report of Independent Auditors Textron Savings Plan Financial Statements and Supplemental Schedules Years ended December 31, 1995 and 1994 Contents Report of Independent Auditors 1 Audited Financial Statements Statement of Net Assets Available for Benefits, December 31, 1995 2 Statement of Net Assets Available for Benefits, December 31, 1994 3 Statement of Changes in Net Assets Available for Benefits, December 31, 1995 4 Statement of Changes in Net Assets Available for Benefits, December 31, 1994 5 Notes to Financial Statements 6 Supplemental Schedules Item 27a - Schedule of Assets Held for Investment Purposes 15 Item 27d - Schedule of Reportable Transactions 17 Report of Independent Auditors The Benefits Committee Textron Inc. We have audited the accompanying statements of net assets available for benefits of the Textron Savings Plan (the Plan) as of December 31, 1995 and 1994, 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, 1995 and 1994, 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, 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 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 May 10, 1996 1 Textron Savings Plan Statement of Net Assets Available for Benefits December 31, 1995 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 $941,263 $ - $ - $ - $ - $ 941,263 U. S. Government securities - - 11,858 - - 11,858 Common/collective trust funds 2,533 94,755 6,254 24 - 103,566 Participant notes receivable - - - - 52 52 943,796 94,755 18,112 24 52 1,056,739 Insurance contracts, at contract value (Notes 2 and 8) - - 150,302 - - 150,302 Total investments 943,796 94,755 168,414 24 52 1,207,041 Receivables: Investment income 5,432 1 880 - - 6,313 Interfund 36 - 36 - - 72 Other 31 66 27 - - 124 Total receivables 5,499 67 943 - - 6,509 Total assets 949,295 94,822 169,357 24 52 1,213,550 Liabilities Payables: Contributions 1,294 251 295 - - 1,840 Investments purchased 826 - 787 - - 1,613 Interfund 2 48 22 - - 72 Total liabilities 2,122 299 1,104 - - 3,525 Net assets available for benefits $947,173 $94,523 $168,523 $24 $52 $1,210,025 See notes to financial statements.
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 $1,004,593 See notes to financial statements.
3 Textron Savings Plan Statement of Changes in Net Assets Available for Benefits December 31, 1995 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) $246,117 $25,360 $ 792 $ - $ - $ 272,269 Dividends 22,740 - - - - 22,740 Interest 97 35 10,749 2 - 10,883 268,954 25,395 11,541 2 0 305,892 Contributions, net: Participants 49,349 9,565 8,437 - - 67,351 Employer 17,295 - - - - 17,295 66,644 9,565 8,437 - - 84,646 Total additions 335,598 34,960 19,978 2 - 390,538 Deductions from net assets attributed to: Benefits paid to participants (143,238) (9,736) (29,394) (43) (20) (182,431) Forfeitures (1,209) - - - - (1,209) Interst expense (262) - - - - (262) Administrative expenses (914) (105) (185) - - (1,204) Total deductions (145,623) (9,841) (29,579) (43) (20) (185,106) Net increase (decrease) prior to interfund transfers 189,975 25,119 (9,601) (41) (20) 205,432 Interfund transfers, net (3,030) 1,993 1,037 - - - Net increase (decrease) 186,945 27,112 (8,564) (41) (20) 205,432 Net assets available for benefits: Beginning of year 760,228 67,411 176,817 65 72 1,004,593 End of year $ 947,173 $ 94,523 $ 168,253 $ 24 $ 52 $1,210,025 See notes to financial statements.
4 Textron Savings Plan Statement of Changes in Net Assets Available for Benefits 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 invesetments (Note 8) $(121,615) $ 1,032 $ (1,378) $ - $ - $ (121,961) 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 interfund transfers (137,311) 3,703 (6,142) 2 6 (139,742) 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 $1,004,593 See notes to financial statements.
5 Textron Savings Plan Notes to Financial Statements (continued) Textron Savings Plan Notes to Financial Statements December 31, 1995 and 1994 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"). 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. 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. 6 Textron Savings Plan Notes to Financial Statements (continued) 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, 1995, there were approximately 30,200 participants in Fund A, 11,600 in Fund B, 14,600 in Fund C and 2 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. 7 Textron Savings Plan Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) Fair Value of Insurance Contracts The fair values presented in Note 8 are estimates of the fair value 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 an calendar year. For the years ending December 31, 1995 and 1994, employee contributions included rollovers of approximately $1.8 million and $.9 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, 1995 and 1994, employer contributions were reduced by approximately $23.2 million and $22.8 million, respectively. Additional contributions required by Textron to fund debt service payments on the senior note amounted to $8.3 million in 1995 and $7.7 million in 1994 (see Note 6). No such contributions will be required in the future as the senior note was paid in full in 1995. 8 Textron Savings Plan Notes to Financial Statements (continued) 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, the number of units outstanding and the values for each unit were: 1995 1994 Fund Number of Value per Number of Value per Units Unit Units Unit B 22,949,673 4.048529 22,676,686 2.972701 C 74,169,927 2.211828 88,759,885 2.110999 H 13,393 1.778853 39,095 1.662617 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 that 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 Textron 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. 9 Textron Savings Plan Notes to Financial Statements (continued) 4. Benefits (continued) Textron's 50% matching contributions vest based on the length of participation in the Plan as follows: Months of Participation Ownership 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 were released for allocation to the accounts of participants as the loan was repaid. The Plan made loan repayments with dividends received on unallocated shares and certain other shares and contributions received from Textron. Unallocated shares were collateral for the loan. The value of the Textron Common Stock allocated as matching contributions and dividends is the average 10 Textron Savings Plan Notes to Financial Statements (continued) 5. Unallocated Shares (continued) 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, 1995 all shares were allocated; at December 31, 1994, Fund A included 433,754 shares with a market value of $21,850,353 and a cost of $11,873,990 that were unallocated. 6. Senior Note The Plan had a senior note payable to a bank that was guaranteed by Textron which related to a $100 million term loan agreement entered into during 1989. The agreement provided for the note to be repaid over a seven-year period in quarterly installments beginning April 3, 1990. The maturity date of the note was subsequently changed to October 3, 1995. The note bore interest at 85% of either the lower of the Eurodollar rate or a base rate. Such rate was 4.50% at December 31, 1994. The note was paid in full October 3, 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. 11 Textron Savings Plan Notes to Financial Statements (continued) 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 1995 1994 (Share and dollar amounts in thousands) Investments at fair value as determined by quoted market price Textron Inc. Common Stock*, 13,945 and 15,334 shares, respectively $ 941,263 $772,465 Investments at estimated fair value BT Pyramid Capitalization Equity Index Fund*, 69 and 67 shares, respectively 94,755 67,711 Total Investments at fair value $1,036,018 $840,176 *Indicates party-in-interest to the Plan. During 1995 and 1994, the Plan's investments (including investments bought, sold, and held during the year) appreciated (depreciated) in fair value by $272,269,000 and $(121,961,000) as follows: December 31 1995 1994 (In thousands) Investments at fair value as determined by quoted market price Textron Inc. Common Stock $246,117 $(121,615) U.S. Government Securities 792 (1,378) Net change in fair value 246,909 (122,993) Investments at estimated fair value Common/collective trust funds 25,360 1,032 Net change in fair value $272,269 $(121,961) 12 Textron Savings Plan Notes to Financial Statements (continued) 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 $155,000,000 and $143,000,000 at December 31, 1995 and 1994, 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, 1995 1994 (In thousands) Net assets available for benefits per financial statements $1,210,026 $1,004,593 Amounts allocated to withdrawn participants (36,154) (16,153) Net assets available for benefits per Form 5500 $1,173,872 $ 988,440 The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: December 31, 1995 1994 (In thousands) Benefits paid to participants per the financial statements $182,431 $140,522 Add: Amounts allocated on Form 5500 to withdrawn participants at December 31, 1995 36,154 16,153 Less: Amounts allocated on Form 5500 to withdrawn participants at December 31, 1994 (16,153) (12,081) Benefits paid to participants per Form 5500 $202,432 $144,594 13 Textron Savings Plan Notes to Financial Statements (continued) 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 has determined and informed the Company by a letter dated October 3, 1995, that the Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate sections of the Code. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date. 14 Supplemental Schedules Textron Savings Plan Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1995 Number of Cost/ Shares or Contract Fair Units Value Value (In Thousands) Fund A Textron Inc. Common Stock * 13,945 $459,143 $941,263 BT Pyramid Directed Account Cash Fund* 2,533 2,533 2,533 Total Fund A $461,676 $943,796 Fund B BT Pyramid Large Capitalization Equity Index Fund* 69 $ 70,210 $ 94,755 Total Fund B $ 70,210 $ 94,755 Fund C Insurance Contracts: Metropolitan Life Ins. Co. Matures through 6/30/98; 4.67% 16,668 $ 16,668 $ 16,542 Matures through 3/1/99; 5.27% 3,300 3,300 3,301 Matures through 3/31/99; 5.11% 5,504 5,504 5,491 Matures through 5/15/99; 7.38% 11,237 11,237 11,943 Prudential Asset Management Matures 9/10/96; 4.18% 10,991 10,991 10,914 Matures 6/1/97; 7.08% 5,592 5,592 5,748 Matures 7/31/97; 6.3% 11,083 11,083 11,284 N. Y. Life Insurance Co. Matures 7/31/96; 5.65% 7,237 7,237 7,259 Matures 3/31/97; 7.7% 7,264 7,264 7,500 Matures 9/9/98; 5.2% 11,242 11,242 11,232 Matures through 8/16/99; 7.3% 11,025 11,025 11,763 Commonwealth Life Insurance Co. Matures 1/5/99; 8.28% 5,409 5,409 5,926 Hartford Life Insurance Co. Matures 1/4/99; 7.97% 5,394 5,394 5,849 15 Textron Savings Plan Item 27a - Schedule of Assets Held for Investment Purposes (continued) Number of Cost/ Shares or Contract Fair Units Value Value (In Thousands) Fund C (continued) Allstate Insurance Co. Matures 12/15/00; 6.87% 10,441 10,441 11,249 John Hancock Mutual Life Ins. Co. Matures 6/30/01; 6.75% 5,139 5,139 5,535 Matures 1/2/96; 8.36% 11,946 11,946 11,949 Matures 6/30/00; 6.50% 5,134 5,134 5,409 Mass Mutual Life Ins. Co. Matures through 1/31/97; 6.11% 5,696 5,696 5,720 Government Obligations: Federal National Mortgage Association Matures 9/25/07; 5.8% 2,450 2,452 2,445 Matures 4/25/17; 6.5% 9,000 8,999 8,992 Federal Home Loan Mortgage Corp. Matures 12/15/19; 6.5% 422 407 421 BT Pyramid Directed Acct. Cash Fund* 6,254 6,254 6,254 Total Fund C $168,414 $ 172,726 Fund H BT Pyramid Directed Acct. Cash Fund* 24 $ 24 $ 24 Total Fund H $ 24 $ 24 Total all funds $700,322 $1,216,484 Loans Loans Receivable (9.5% - 11%) 53 $ 53 $ 53 * Indicates party-in-interest to the Plan 16 Textron Savings Plan Item 27d - Schedule of Reportable Transactions Year ended December 31, 1995 Current Value of Asset on Identity of Description Purchase Selling Cost of Transaction Net Gain Party Price Price Assets Date (Loss) (In Thousands) Category (iii)--Series of transactions in excess of 5% of plan assets ** Purchase of 1,053,868 63,240 63,240 63,240 shares of Textron Inc. Common Stock in 241 transactions Sale of 2,443,523 shares 140,559 77,989 140,559 62,570 of Textron Inc. Common Stock Bankers Trust Purchase of 109,200,912 109,201 109,201 109,201 Company* units of BT Pyramid Directed Account Cash Fund in 183 transactions Sale of 113,765,562 113,766 113,766 113,766 units of BT Pyramid Directed Account Cash Fund in 209 transactions There were no category (i), (ii) or (iv) reportable transactions during the year. __________________________________ * Indicates party-in-interest to the Plan. ** Transactions made on the market.
17 TEXTRON SAVINGS PLAN ANNUAL REPORT ON FORM 11-K FOR FISCAL YEAR ENDED DECEMBER 31, 1995 EXHIBIT INDEX Exhibit Number Description 23 Consent of Independent Auditors 25 Power of Attorney 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, Form S-8 No. 33-37139 and Form S-8 No. 33-63741) pertaining to the Textron Savings Plan of Textron Inc. of our report dated May 10, 1996, 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, 1995. /s/ ERNST & YOUNG LLP New York, New York June 26, 1996 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 and Michael D. Cahn, 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, 1995, 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 21st day of June, 1996. /s/ Wayne W. Juchatz /s/ William F. Wayland Wayne W. Juchatz William F. Wayland Committee Member Committee Member /s/ Frank W. McNally /s/ Richard L. Yates Frank W. McNally Richard L. Yates Committee Member Committee Member /s/ Richard A. Watson Richard A. Watson Committee Member -----END PRIVACY-ENHANCED MESSAGE-----